“My homeowners insurance doubled, with no notice – nothing,” said Jennifer Schauer, who bought her home in Novato, California, in 2021.
The US homeowners insurance industry lost $101.3 billion last year as severe storms, hurricanes and wildfire did significant damage.
Schauer isn’t alone among Californians grappling with high hidden costs of homeownership.
By contrast, Kentucky ($11,559), Arkansas ($11,692) and Mississippi ($11,881) had the lowest hidden costs of homeownership, according to Bankrate.
Since Covid, the hidden cost of homeownership has climbed most rapidly in three states: Utah (44%), Idaho (39%) and Hawaii (38%).
Persons:
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Organizations:
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Locations:
New York, Novato , California, California, Hawaii, Massachusetts, New Jersey, Connecticut, Kentucky, Arkansas, Mississippi, Utah, Idaho