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Homeowners insurance premiums are causing some seniors to go without

Homeowners insurance premiums are causing some seniors to go without

Homeowners insurance premiums are causing some seniors to go without
News from Live Insurance News:

The skyrocketing rates are proving to be prohibitive to many older Americans in Florida.

As the cost of homeowners insurance moves ever skyward, many senior citizens who are living in Florida are finding themselves in the highly risky position of having to allow their policies to lapse, and to take their chances with the costs that would occur if a hurricane should strike.

As many seniors own their own homes with no mortgages, they have this precarious option.

As seniors have often paid off their houses, they are legally allowed to forego homeowners insurance should they choose to do so. As Citizens Property Insurance Corp. has announced that its rates will once again be rising, as will its post-claim deductibles, many elderly residents of the state are finding that they can no longer afford to pay those rates and are opting to allow their coverages to come to an end.

This year, some senior citizens have seen their homeowners insurance premiums double over 2011’s levels.

This is a serious struggle and dangerous decision for seniors to have to make, but many feel forced to have to eliminate their coverage in order to be able to continue paying for their other vital expenses – such as food, utilities, medication, gas, and taxes – on their fixed incomes.

Though this was not the goal of Citizens w…………… continues on Live Insurance News

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