Interesting. I wonder what the ramifications are if a significant number of people drop home insurance all together.
Home prices are so high there that I can only assume that, like California, you're essentially paying for the land, not so much the structure. It means your investment is not quite as at-risk as a home in another state.
If we built less-expensive homes perhaps home insurance need not be a thing at all.
But since in theory the prices of insurance takes into account that the risk is being spread around the insurance pool, would a significant number of people leaving that pool cause it to go up more for those remaining?
Home prices are so high there that I can only assume that, like California, you're essentially paying for the land, not so much the structure. It means your investment is not quite as at-risk as a home in another state.
If we built less-expensive homes perhaps home insurance need not be a thing at all.
But since in theory the prices of insurance takes into account that the risk is being spread around the insurance pool, would a significant number of people leaving that pool cause it to go up more for those remaining?