The Way Home - A Living House Podcast

The Way Home - A Living House Podcast

di Skip Schenker

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06 The Hidden Killer Killers, Insurance & Property Tax

Margaret is 80 years old, lives in Sarasota, and paid off her house seven years ago. She still almost couldn't afford to keep it — because her homeowner's insurance quadrupled from $2,400 to $7,800 a year, and her carrier left the state entirely. In this episode, Skip Schenker breaks down the two costs that are quietly rewriting home affordability in America: insurance and property tax. In 35 states, escrow costs now eat up more than 30% of the average monthly mortgage payment — in some cases, more than principal and interest combined. Skip walks through: Why insurance premiums keep climbing — and why they're not coming back down (climate losses, a hardened reinsurance market, and rebuild costs up 35% since 2020) The property tax reset — the mechanism that can leave a first-time buyer paying more than double what their neighbor pays for the identical house next door, and why the number on the listing is almost never the number you'll actually owe The renovation loan fix — how financing a new roof, an electrical panel upgrade, or a repipe into a 203(k) can turn an uninsurable home into an insurable one, and unlock real premium discounts This is the final episode of Part One of The Way Home. Six episodes in, listeners have walked through the full "squeeze" — the doubled qualifying income, the aging buyer, the lock-in effect, aging housing stock, the debt overhang, and now the hidden killers. Next week, the series turns: Skip introduces the renovation loan as the way through. This week's assignment: call an independent insurance agent, get a real quote on a specific address you're considering, and ask what upgrades earn the biggest premium discounts. The answer will look a lot like what's coming in the second half of this series. The Way Home is a production of Ready4Remodel.com, hosted by 32-year renovation lending veteran Skip Schenker, and companion podcast to his book The Living House.

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