Insurance Foreclosure Landmine?

Is America about to step on an “Insurance foreclosure land mine”. 

Seems like it. As if it wasn’t bad enough that no one can afford to buy a decent home, a new threat is looming. “ Insurance foreclosures”. 

Insurance costs are skyrocketing and homeowners (who already had to stretch to pay their mortgage) can’t afford these sky high premiums so they’re simply not paying them. But here’s the catch, Most mortgage notes have a clause that allows the bank to get a policy on your home and add that cost to your monthly bill if you don’t maintain your own coverage.  Most of the bank’s insurance policies cost even more than a the consumer ones and when people can’t pay THAT bill, the banks foreclose. The net result that more homes get sucked up by corporate owners like Blackrock creating entire generations of permanent renters. 

Do you think this is right? What’s the fix?

Let me know in the comments.