What to do when your homeowners’ insurance is cancelled [Video]

GREENSBORO, N.C. — Homeowners nationwide face a crisis: skyrocketing insurance premiums or outright policy non-renewals, even in traditionally considered low-risk areas. 

A recent Consumer Reports survey found that 83 percent 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,” said Lisa Gill, Consumer Reports. 

Insurance industry experts point to several factors driving these changes. Building costs are through the roof—up 40 percent over the last four years. Mother Nature isn’t helping either. Last year alone, weather disasters cost insurance companies 93 billion dollars.

“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 34 percent for consumers …