Can Your Homeowners Insurance Cost You Your Home?
Homeowners on Cape Cod are subjected to outrageous insurance rates: on average a 300% increase in the last ten years; 200% higher than homes on the mainland. Wind deductibles amount to two to five percent of a home’s replacement value, making it almost certain a homeowner pays out of pocket for a new roof. Out of work, on a fixed income, strapped for cash or credit? The price of insurance itself may be more catastrophic than the weather it’s supposed to protect us from, and can make or break the ability to own a home. Ira’s guest is Paula Aschettino, founder of Citizens for Homeowners Insurance Reform. She reveals how the insurance companies use inflated hurricane models to justify increased rates, how the state government allows them to get away with it, how the industry and the Massachusetts Department of Insurance is an incestuous mess…and even how you can fight back.