(NerdWallet) — “Sheer panic.” That’s what Teddy Mars of Louisiana felt when his homeowners insurance company didn’t renew his policy in early 2023. The last remaining option left him and his family paying more for homeowners insurance than their mortgage.
To cover costs, Mars had to dip into his nest egg and withdraw $12,000 from his individual retirement account. “We’re not sitting on a huge mountain of cash here,” he said, and opting out of insurance isn’t an…
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