That doesn't mean you are without options if forced from your home because of larger economic trends.

Possible Scenarios Now and in the Near Future

As you evaluate your current living situation, it is vital to understand what uncontrollable economic factors may result in you being forced to leave your home. Consider a situation where you have always met your rent, property tax, or mortgage payment obligations within reason and are in good standing. Let's also say you have a job, retirement income, or some other reliable income, even in these times.

Is One of These Your Current Shelter Situation?

You Have a Mortgage
Because of risks estimated to be caused by climate change, many insurance companies are refusing to cover properties. If you have a mortgage, you could find yourself without coverage and unable to obtain a new policy at an affordable cost. Even if you have a fixed-rate, low-interest mortgage, there may be a significant increase in the premium cost if the bank assigns an expensive insurance carrier or forces you to carry a costly bond that impacts your escrow.

You Rent
Your landlord may have a mortgage, and the insurance carrier for the property may refuse to cover it for another term or force the building owner to carry an expensive bond. In this situation, it is possible that property buyers won't be interested in the land because they know they can't get affordable insurance. The end result is you and others in your building will be evicted. It may be the landlord that does it, the bank after foreclosure, or the city if the property is listed as abandoned by the previous owner.

You Own Your Home Free and Clear

Even if you own your land free and clear, towns and city planners always want to increase the tax base and promote growth. This means attracting industry and people. Suppose your land is in an area earmarked for development. In that case, there is a chance your property tax will skyrocket no matter what the initial plans say.

An influx of people can increase crime rates and require increased and improved infrastructure for orderly operation. The money for all that has to come from somewhere. In this case, that means your property tax will most likely go up.

Debt-Free Property

Even though it's not a guarantee, the most important thing you can do is pay off your mortgage so that you control the level of insurance coverage. If you are in an urban area or see signs that there may be plans that will result in an increase in your taxes, now is the time to sell and look for a more rural place.