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Climate risk is rising. It calls for a rethinking of home insurance coverage

Housing Wire

It’s resulting in calls to reimagine the costs of homeowners insurance (Image generated by AI in Midjourney) As the planet warms and extreme weather intensifies, the rising cost of homeowners insurance is stopping real estate deals in their tracks. Some insurers say catastrophe risk is part of the business, part of the job.

Insurance 482
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FHA borrowers would get mortgage insurance relief through proposed House bill

Housing Wire

House of Representatives proposes to relieve Federal Housing Administration (FHA) borrowers of mortgage insurance premiums (MIPs) once they reach a certain level of home equity , aligning FHA policies with those of conventional loans. Mortgage insurance exists as protection from foreclosure on low equity loans.

Insurance 418
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Property Insurance Costs Rise at a Record Rate

Appraisal Buzz

Property insurance costs for mortgaged single-family homes rose by a record $276 (+14%) to $2,290 in 2024 with average premiums now up 61% over the past five years. Property insurance costs for mortgaged single-family homes rose by a record $276 (+14%) to $2,290 in 2024 with average premiums now up 61% over the past five years.

Insurance 341
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Florida has built 77,000 new homes in high-risk flood areas

Housing Wire

The construction activity is likely to place the housing industry and its financing partners on a “collision course” with insurers, the outlet said. Big payouts from natural disasters are driving insurers to raise rates and pull back on coverage,” the report stated.

Insurance 497
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Mortgage servicing startup Valon raises $100M in Series C funding round

Housing Wire

Fast-growing mortgage servicing platform Valon has secured $100 million in a Series C funding round, the company announced this week. It is utilizing a cross-selling strategy that offers additional products to its existing customers in an evolving mortgage landscape.

Mortgage 448
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California wildfire victims could have up to 12 months of mortgage forbearance

Housing Wire

Once out of harms way, we encourage homeowners in these affected areas to contact their mortgage servicer to learn about relief options. If homeowners have been impacted by the fires, we encourage them to call their mortgage servicer for assistance as soon as possible, she said in a statement.

Mortgage 397
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FHA extends foreclosure, eviction moratorium for LA wildfire victims to July

Housing Wire

The impacted presidentially declared major disaster area (PDMDA) has more than 100,000 FHA-insured mortgages. HUD is working with mortgage servicers and others to assess the extent of properties with FHA-insured mortgages in the designated area that have been severely damaged or destroyed, the department explained.

Insurance 348