Climate changes are finally hitting the wallet
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Nature’s wrath (and the resulting insurance hikes finally announced) is affecting home affordability and encouraging homebuyers to consider states like Arizona!
The United States is realizing a new paradigm shift in the home insurance industry that greatly impacts homeownership costs in states experiencing severe weather conditions. The tremendous losses incurred over the last decade has finally caught up with insurers, and homeowners, especially luxury homes in coastline states, are being notified of hefty premium adjustments. Some are being declined entirely.
A new article was released late last year by the insurance industry addressing the escalating costs and volume of claims that have negatively hit the industry’s bottom line. It has become a foregone conclusion the insurance industry will need to increase premiums in those states rocked by mother nature’s wrath.
States with more notorious weather conditions such as Florida and California will especially see rising premiums and costs. Meanwhile, less impacted States such as Arizona and Nevada will see the benefit as the population seeking warm weather climates with favorable tax implications look at alternatives.
What does this mean for Arizona Sellers? The importance of reaching these consumers has never been as important. Make sure you hire an Agent backed by a large network, like Realty Executives International, one of the largest residential franchises worldwide, and founded right here in Scottsdale back in 1965.
What does that mean for Buyers? Arizona will most likely see an influx of homebuyers in the coming years. If you are thinking of buying real estate in Arizona, now it is the time to act in Arizona Real Estate’s market before the demand outstrips the supply and prices soar.
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