NASHVILLE, Tenn. (WTVF) — Many Homeowners across the country are facing skyrocketing insurance premiums while some are having their policies canceled or not-renewed.
Without warning, millions of people are finding out their insurance policies are about to cost significantly more or be canceled outright. That’s what happened to Kenyetta Twine.
“In August, I got an email saying my insurance was canceled. I said, oh my gosh, what am I going to do?” said Twine.
You might think this is only happening in places with hurricanes, or wildfires. But that's not the case. Across the country, insurers are more aggressively canceling policies or jacking up rates.
A recent Consumer Reports survey found that 83 percent of long-term policyholders have seen their rates increase over the last five years.
“When this happens, homeowners may be forced to make trade-offs like buying substantially reduced coverage or sometimes going without coverage,” said Consumer Reports Investigative Reporter Lisa Gill.
Insurance industry experts point to several factors driving these changes. Building costs are through the roof—up 40 percent over the last four years. Mother Nature isn't helping either. Last year alone, weather disasters cost insurance companies $93 billion.
“There's no place to hide. You will still feel this in your wallet even if you live somewhere that never sees a hurricane or a wildfire. Rates have risen nearly 34 percent for consumers across the U.S. from 2018 to 2023.”
So, what can you do if your insurance is canceled?
First off, contact your insurer or broker to find out why your policy isn’t being renewed.
At the same time, start shopping around for a new policy. – Consider using a local, independent insurance agent or broker who works with multiple insurers–they might know about smaller companies in your state or area.
And if you can’t find a private plan, there’s something called Fair Access to Insurance Requirements or FAIR plans, which are offered in nearly three dozen states.
“This type of plan should be considered a last resort. It’s not cheap, and it doesn’t cover everything, but it’s way better than having no insurance.”
As for Kenyetta, she was able to find a new insurance company with a little help from Consumer Reports.
“I had looked at Consumer Reports magazines, and there was an article about insurance. I looked at the top ones. And now I have insurance and no problems,” said Twine,
Do you have more information about this story? You can email me at jennifer.kraus@newschannel5.com.
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