Source: HousingWire
The rising cost of homeowner insurance is weighing more heavily on American homeowners and buyers, according to a survey published by Mphasis Digital Risk, a tech services company that serves the real estate lending industry. The vast majority (90 percent) of respondents expressed concern about rising home insurance costs, and 27 percent said that they were considering moving to a different state to get away from increasing insurance costs.
Although the higher cost of insurance might be daunting, 53 percent of respondents said that they would move to a higher-tax location for better weather. Despite insurance concerns, tornadoes were the top natural disasters that people were concerned about impacting their property value, at 46 percent, followed by flooding at 45 percent, hurricanes at 42 percent and landslides at 20 percent.