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In the USA, can you lose your home even after it is 100% paid off? (lemmy.ml)

submitted 1 year ago by Confidant6198@lemmy.ml to c/asklemmy@lemmy.ml

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Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?

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[–] LaGG_3@hexbear.net 8 points 1 year ago (5 children)

Natural disasters and other "acts of god" are becoming more relevant - especially as some states, like Florida, have more insurance companies pulling out. Flood insurance is often unaffordable too.

[–] Confidant6198@lemmy.ml 3 points 1 year ago (2 children)

Wait, are Floridian companies really doing that? Do you have a source?

[–] LaGG_3@hexbear.net 8 points 1 year ago

https://www.cbsnews.com/miami/news/why-homeowners-insurance-is-spiking-options-are-shrinking/

Climate change means worse weather and more storm damage. Insurance companies need to make money off the deal so they raise rates or stop insuring properties.

[–] mateomaui@reddthat.com 1 points 1 year ago

https://www.newsweek.com/florida-insurance-crisis-explained-1812418

That’s just one of the first I found, I’m sure there are more recent ones.

[–] Adkml@hexbear.net 2 points 1 year ago

Which really highlights how stupid and funny the "act of god" line is

So has he just randomly decided recently that he wants to spend more time fucking up people's houses or is it maybe that it wasn't just collateral damage of some benevolent beings plans and maybe there's a a more concrete basis for why these weather events occur.

[–] BolexForSoup@kbin.social 2 points 1 year ago* (last edited 11 months ago)

asdf

[–] Neato@kbin.social 1 points 1 year ago

Flood insurance is 100% unaffordable. Even insurance companies are subsidized by the government for flood.

[–] Kid_Thunder@kbin.social 1 points 1 year ago

It is happening in California too because of all of the wild fires mostly.