More homeowners are axing their insurance

With the passing of Hurricane Beryl nearby, homeowners once again bite their fingernails as the already exorbitant cost of insurance can go higher if we have a major storm event.

But, that worry isn't as troubling as a recent trend in the homeowner’s insurance conversation according to one insurance expert.

Ben Albright, the CEO of the Independent Insurance Agents of Louisiana, spoke with Tommy Tucker to express concern over homeowners deciding not to carry insurance. He says number one; this option isn’t available to all.

“Only those without federally backed mortgages have the option not to insure their homes.”

Albright says that while he understands why some homeowners are going without, there could be a heftier price to pay.

“The cost is just too much for some, but if you cannot afford to rebuild your home then you should have insurance.”

That would mean having at least the entire cost of your home in the bank.

Albright did offer a glimmer of hope….

“June is the earliest we could start to see costs come down.”