As of June 20th …
it's officially summer and we've already seen some record high temperatures. Warmer temperatures over time are changing weather patterns and disrupting the usual balance of nature. As a result, homeowner's insurance in the past few years have seen some drastic changes. According to S&P Global, in 2023 homeowners insurance increased 11.3% nationwide from the prior year with Texas leading the way with a 23.3% increase. According to CNBC, in some fire or flood-prone areas insurance companies are pulling back from offering coverage. As a result of the changes in the insurance industry, there is now an additional step that I recommend to all my clients. Either right before making an offer on a home, or in the option period right after the offer is accepted, check to make sure you can get affordable homeowners insurance. Quite simply put, there are and there will be in the near future some homes that no one should buy because of the absence of available affordable insurance.