CHALLENGES AND BEST PRACTICES
Austin Perez, a senior policy advisor for the National Association of REALTORS®, points out that the increasing frequency of natural disasters is driving up insurance costs and causing some insurers to exit the market in some high-risk areas.
“Many states have kept insurance costs
low for decades, leading people to move to more affordable but riskier areas,”
he says.
“This disconnect from true risk
pricing has resulted in unexpected insurance cost increases that do not cover
the full cost of rebuilding.”
Real estate markets function best when
buyers have accurate information about the total cost of homeownership,
including insurance.
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