Robert Shiver’s bill for his homeowner insurance jumped from $3,800 in 2022 to $8,000 in July. Mr. Shiver, 40, who lives about 20 miles east of Tampa, Fla., did not pay the bill. Instead, he worked with his insurance agent to shave off parts of his coverage, lowering the estimate for how much the insurer would have to pay to potentially rebuild his house from around $710,000 to about $560,000. Shrinking the coverage lowered his bill to just under $5,000, a huge relief, he said, since he would again be able to make his monthly mortgage and insurance payment. In the insurance business, Mr. Shiver might now be considered “underinsured,” meaning that his policy may not be sufficient to cover a rebuild after catastrophic losses.

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Persons: Robert Shiver’s, “, ” Locations: Tampa, Fla