A committee report, which was released in December, and first reported by the New York Times, details the rate at which insurance companies are not renewing homeowners insurance coverage, essentially highlighting where many providers have given up trying to make a profit or are too worried about future damage. With this data obtained through insurance providers, the Senate Budget Committee finds that companies are abandoning areas more and more frequently across the country, which is making it difficult to obtain a mortgage. Without mortgages, housing prices could plummet, the committee warns.
A committee report, which was released in December, and first reported by the New York Times, details the rate at which insurance companies are not renewing homeowners insurance coverage, essentially highlighting where many providers have given up trying to make a profit or are too worried about future damage. With this data obtained through insurance providers, the Senate Budget Committee finds that companies are abandoning areas more and more frequently across the country, which is making it difficult to obtain a mortgage. Without mortgages, housing prices could plummet, the committee warns.