Kathmandu. In some cities in the US state of California, home insurance fees (premiums) have increased by twice the income of homeowners.
This has been seen from the recent research conducted by Zillow. According to a research report by Gillo, home insurance premiums have increased by more than twice the income of homeowners in Scromento and San Diego, California. Three other cities — Los Angeles, Riverside, San Francisco and San Jose — also found that home insurance premiums increased more than homeowners’ income, the report said.
Since 2019, home insurance premiums in the U.S. have increased by an average of 38%. In the same period, the income of homeowners increased by only 22 percent.
According to the report, in the last five years, home insurance premiums in Scrabanto city have increased by 54 percent. While the income of homeowners has increased by only 24 percent. In this way, the premium of home insurance has increased more than twice the income of the house owner.
Similarly, in the last five years, home insurance premium surged by 48 percent, while householder income in San Diego city increased by 24 percent.
In Los Angeles, California, household income rose 24 percent, Riverside 23 percent, San Francisco 19 percent and San Jose 24 percent. In these cities, home insurance premium surged by 44 per cent, 43 per cent and 42 per cent, respectively.
All these cities are at high risk of fires. As a result, many insurance companies have stopped providing home insurance in those cities. Even after insurance, companies charge higher premiums.
After some time, fires destroyed thousands of homes and structures in various cities of California. Since then, insurance companies have increased the home insurance premium by 10 percent to 20 percent.
Many homes in those cities are still out of insurance cover. Although the state of California has introduced a plan for home insurance, homeowners are hesitant to have insurance. – Agency
