Increasing Insurance Premiums Stressing Senior Homeowners

While home foreclosure is a crisis for people who can’t meet exorbitant mortgage payments, soaring insurance rates are hitting seniors particularly hard, according to an article in the Queens Chronicle. According to the Manhattan-based Insurance Information Institute, home insurance rates have steadily climbed in the last several years. The trend is especially strong in coastal areas and in high-priced markets like the New York metropolitan area, where the estimated value of all property is $1.9 trillion. It would be the second most expensive area in the country, behind Florida, to rebuild after a hurricane. For more, see Higher Insurance Rates Trouble Senior Citizens.
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