Bottom Line: How to deal with home insurance hike [Video]

MEMPHIS, Tenn. (WMC) – Homeowners nationwide are facing a crisis: skyrocketing insurance premiums or outright policy non-renewals, even in areas traditionally considered low risk.

Consumer Reports explains why this happens and what to do if your homeowner’s premium goes through the roof.

A recent Consumer Reports survey found that 83% of long-term policyholders have seen their rates increase over the last five years.

When this happens, homeowners may be forced to make trade-offs like buying substantially reduced coverage or sometimes going without coverage.

Insurance industry experts point to several factors driving these changes.

Building costs are through the roof—up 40% over the last four years.

Mother Nature isn’t helping either. Last year alone, weather disasters cost insurance companies $93 billion.

There’s no place to hide. You will still feel this in your wallet even if you live somewhere that never sees a hurricane or a wildfire.

Rates have risen nearly …