Homeowners' insurance rates soaring: what you can do

Do you own a home? Well the cost of homeowners insurance is going up so much these days that some homeowners are going without insurance altogether. Do I pay my homeowner's insurance or do I get me my medication? Do I pay my homeowner's insurance or do I buy me something to eat? Like Christine Stallworth, homeowners across the country face tough questions when it comes to increased premiums. Here's the new refrigerator and stove. Barbara Campbell recently bought new appliances, new hot water heater, even a new roof. Still her combined auto and homeowners policy kept going up. I started raising the monthly premiums up to like 35 to 40 dollars a month with no explanation. You feel it's unfair? I do because we all work hard and when you put forth the effort you know we don't need to have some corporate company come and just kind of smack us in the face because they want more money. Home building costs and severe weather are two big drivers of higher rates. The company Insurify projects rates will rise 6% by the end of 2024 putting the average rate around $2,500. That's after nearly 20% increase between 2021 and 2023. NerdWallet's Kimberly Palmer says most people auto renew their policies rather than shop around for different quotes. She says ask your insurance provider about discounts that are available such as bundling or going paperless. If you did any sort of home renovation or upgrade to your home, maybe something that made it safer, that can be a way to get a discount. According to the Insurance Information Institute, 12% of homeowners now have no coverage. Homeowner Frank Morales says as expensive as it is, he would not want to get caught without proper coverage. You don't want to lose everything and not have a way to get any of it back. These are your investments. This is the biggest investment you'll have. That way you don't waste your money. I'm John Mattaris.