Potential homebuyers are cheering the drop in mortgage rates: The rate on a 30-year fixed loan fell last week to its lowest level since 2023. However, the lingering issue of home insurance is casting a dark cloud over the real estate market for eager buyers.
Kyla Scanlon, content creator, podcaster and author of “In This Economy?” joins Madison Mills On market dominance, the overtime highlights the rising prices of home insurance. Scanlon describes “a perfect storm for home insurance” as costs rise, particularly in states like California and Florida where extreme weather and climate events are devastating communities.
For those who buy homes with the goal of living the American dream, Scanlon says it turns into an “American nightmare.”
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This article was written by Ivana Freitas.
