{"id":29229,"date":"2023-06-29T14:10:15","date_gmt":"2023-06-29T18:10:15","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/dont-overlook-this-key-factor-when-considering-retirement-relocation\/"},"modified":"2023-06-29T14:10:16","modified_gmt":"2023-06-29T18:10:16","slug":"dont-overlook-this-key-factor-when-considering-retirement-relocation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29229","title":{"rendered":"Don\u2019t Overlook This Key Factor When Considering Retirement Relocation"},"content":{"rendered":"
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A long-neglected factor to consider when choosing a residence is becoming more and more important to those who relocate in retirement. Because many people don\u2019t consider the factor, it\u2019s causing a lot of financial pain.<\/p>\n

The overlooked factor is homeowner\u2019s insurance, something that most people take for granted when buying a home.<\/p>\n

The problem is so acute that legislatures in Florida and California took actions in recent years to try to ensure affordable homeowner\u2019s policies are available.<\/p>\n

Yet, the problem continues to worsen.<\/p>\n

Recently, major insurance companies have announced they would not write new policies in key states.<\/p>\n

The insurers are concerned about higher claims from floods, storms, wildfires and more. Increased costs of repairing and rebuilding homes also weigh on insurers.<\/p>\n

In addition, regulators are limiting the premium increases insurers can charge. Payouts on homeowners\u2019 insurance claims more than doubled from 2019 to 2022 but premiums increased by only a third, according to an insurer\u2019s group quoted in The Wall Street Journal<\/em>.<\/p>\n

<\/fbs-ad><\/p>\n

Most recently, American International Group, also known as AIG, said it plans to reduce sales in affluent ZIP codes in New York, Delaware, Florida, Colorado, Montana, Idaho, and Wyoming. The company already restricted its California business.<\/p>\n

At about the same time, Farmers Group announced it would not sell new policies in Florida.<\/p>\n

State Farm and Allstate already pulled back from new California sales.<\/p>\n

Florida\u2019s been a tough market for homeowner\u2019s insurance for years. Many insurers left the market, premiums soared, and the state created its own insurance program.<\/p>\n

I\u2019ve long cautioned that many people don\u2019t consider enough factors when deciding whether and where to relocate in retirement.<\/p>\n

The move often is more expensive than expected because of the lack of attention to details that seemed insignificant before the move but become important afterwards.<\/p>\n

Homeowner\u2019s insurance is such a factor. In many areas that have been attractive to retirees there now are fewer insurers offering new policies and the available insurance is expensive.<\/p>\n

Be sure to investigate the homeowner\u2019s insurance market before settling on where to move in retirement.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A long-neglected factor to consider when choosing a residence is becoming more and more important to those who relocate in retirement. Because many people don\u2019t consider the factor, it\u2019s causing a lot of financial pain. The overlooked factor is homeowner\u2019s insurance, something that most people take for granted when buying a home. The problem is […]<\/p>\n","protected":false},"author":1,"featured_media":29230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-29229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\nDon\u2019t Overlook This Key Factor When Considering Retirement Relocation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A long-neglected factor to consider when choosing a residence is becoming more and more important to those who relocate in retirement. 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