Homeowners Hit With Alarming New Financial Burden That Now Exceeds Property Taxes Across America
In a surprising shift in the economics of homeownership, the cost of home insurance plus the weather-related portion of auto insurance now exceeds property taxes across three-quarters of U.S. counties. A recent Bloomberg Intelligence analysis found that homeowners insurance premiums alone exceed property-tax bills in roughly two-thirds of counties. When the share of automobile premiums attributable to extreme weather is included, that figure climbs to 75%. Over the past decade, county-average homeowners insurance premiums have increased 45% after adjusting for inflation, according to the analysis. Nebraska recorded a staggering 79% increase. Across counties, homeowners now pay an average of 14% more for property insurance than property taxes. Moreover, homeowners face a 30% higher insurance burden than property-tax bill when weather-related auto insurance costs are included. The…
