Union Pacific in Talks to Combine With Norfolk Southern
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
'We Can Keep Paying It, But Should We?' Why One Colorado Couple Wants To Cancel Their Homeowners Insurance
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Homeowners insurance is usually seen as a necessary expense for protecting one's biggest investment. But for some, the rising cost has raised a tough question: Is it worth it to keep paying? A Colorado Couple's Dilemma A couple in Colorado recently shared their frustration on Reddit about their homeowners insurance bill skyrocketing to more than $7,200 a year — an increase that felt hard to swallow, even with a fully paid-off home. They asked the online community: "We can keep paying it, but should we?" With no mortgage or loans against their house, they feel caught between financial pressure and the risk of going without coverage. They admit that if their home were destroyed, they couldn't afford to rebuild it. Renting in their area would likely cost between $2,500 and $3,000 a month, adding another financial strain. Shop Top Mortgage Rates A quicker path to financial freedom Personalized rates in minutes Your Path to Homeownership Don't Miss: Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Why Are Insurance Costs Rising? According to CBS News, Colorado is facing some of the highest homeowners insurance premiums in the country. The state ranks second nationwide for hail insurance claims and for the number of homes located in high-risk wildfire areas. This combination pushed average premiums up more than 50% between 2019 and 2022, especially after wildfires like the East Troublesome and Marshall Fires. "We are in the hardest market in a generation for property insurance," Carole Walker, executive director of the Rocky Mountain Insurance Association, told CBS News. She explains that more people live in wildfire-prone areas than before, and "record-breaking catastrophes" are becoming more common. The Reddit couple isn't alone in these rising costs. For homeowners, like Melinda Endres of Broomfield, this has meant a sharp increase in bills, with some monthly payments jumping by nearly $440. Trending: $100k+ in investable assets? – no cost, no obligation. The Risks of Canceling Insurance Many commenters on the Reddit thread and insurance experts caution against simply canceling homeowners insurance. One Reddit user, who is both a former insurance producer and a lawyer, warned: "Do not go without homeowners insurance!" Others shared stories of people who dropped their coverage only to face disasters they couldn't financially recover from. Insurance doesn't just protect the physical structure — it can cover liability issues such as injuries on the property or damage caused to neighbors, which can lead to costly lawsuits. How Some Are Coping Experts suggest shopping around and comparing insurance quotes to find a better deal. Increasing deductibles, bundling home and auto policies, and adjusting coverage to reflect the actual value of the home rather than an inflated replacement cost are all ways to manage premiums. LendingTree reports that 13.6% of U.S. homes are uninsured, leaving millions vulnerable. "Insurance has become more expensive and harder to get in recent years," says Rob Bhatt, a home insurance expert at LendingTree. "This is putting people just one disaster away from losing the physical and financial security their home provides." , Should You Cancel? For many homeowners, canceling insurance is a gamble. While the upfront cost savings may seem tempting, the potential financial fallout from disasters, liability claims, or unexpected damages can be devastating. If insurance premiums rise to unaffordable levels, it may be worth exploring options like high-deductible plans or seeking state-backed insurance programs designed to help high-risk properties. As the situation evolves, experts encourage homeowners to carefully weigh their risk tolerance, financial situation, and local hazards before making a decision. Read Next: With Point, you can Image: Shutterstock This article 'We Can Keep Paying It, But Should We?' Why One Colorado Couple Wants To Cancel Their Homeowners Insurance originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
Trump's former jobs data chief decries firing of successor
(Bloomberg) — President Donald Trump's firing of the chief labor statistician was criticized by her predecessor, who called it an unfounded move that will undermine confidence in a key data set on the US economy. We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance 'This is damaging,' William Beach, whom Trump picked in his first term to head the Bureau of Labor Statistics, said on CNN's State of the Union on Sunday. Trump on Friday fired Erika McEntarfer hours after labor market data showed weak jobs growth based in part on steep downward revisions for May and June. The move by Trump, who claimed the latest monthly report was 'phony,' prompted an outcry from economists and lawmakers. 'I don't know that there's any grounds at all for this firing,' said Beach, whom McEntarfer replaced in January 2024. 'And it really hurts the statistical system. It undermines credibility in BLS.' Studies indicate that the agency's data is more accurate than 20 or 30 years ago, including any revisions of the initial data, Beach said. Even so, he said he'll trust future BLS data because people working for the agency are 'some of the most loyal Americans you can imagine,' making the bureau 'the finest statistical agency in the entire world.' Bank of America CEO Brian Moynihan, speaking Sunday on CBS's Face the Nation, urged the US government to improve its data collection to avoid revisions that engender distrust. 'We watch what consumers really do. We watch what businesses really do,' Moynihan said, while not addressing the politics of the firing. 'They can get this data, I think, other ways, and I think that's where the focus would be.' He noted the revision for May and June data, while not unusual, was one of the largest in seven years. 'That creates doubt around it,' he said. 'Let's spend some money. Let's bring the information together. Let's find where else in the government money is reported.' McEntarfer was confirmed by the Senate in a bipartisan 86-8 vote. Vice President JD Vance, then a senator, voted to approve her nomination. Kevin Hassett, Trump's chief economic adviser at the White House, alleged that the large jobs data revisions were poorly explained and were evidence enough for a 'fresh set of eyes' at BLS. He sought to contradict Beach's portrayal of the agency as politically neutral. 'The bottom line is that there were people involved in creating these numbers,' Hassett said on NBC's Meet the Press. Pressed on whether Trump would fire anyone offering data he disagreed with, Hassett, who heads the National Economic Council, disagreed. 'No, absolutely not,' he said. 'The president wants his own people there so that when we see the numbers, they're more transparent and more reliable.' How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts What's Really Behind Those Rosy GDP Numbers? ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
34 minutes ago
- Yahoo
US trade advisor says Trump tariff rates unlikely to change
New US tariff rates are "pretty much set" with little immediate room for negotiation, Donald Trump's trade advisor said in remarks aired Sunday, also defending the president's politically driven levies against Brazil. Trump, who has wielded tariffs as a tool of American economic might, has set tariff rates for dozens of economies including the European Union at between 10 and 41 percent come August 7, his new hard deadline for the duties. In a pre-taped interview broadcast Sunday on CBS's "Face the Nation," US Trade Representative Jamieson Greer said "the coming days" are not likely to see changes in the tariff rates. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," Greer said. "These tariff rates are pretty much set." Undoubtedly some trade ministers "want to talk more and see how they can work in a different way with the United States," he added. But "we're seeing truly the contours of the president's tariff plan right now with these rates." Last Thursday, the former real estate developer announced hiked tariff rates on dozens of US trade partners. They will kick in on August 7 instead of August 1, which had previously been touted as a hard deadline. Among the countries facing steep new levies is Brazil. South America's largest economy is being hit with 50 percent tariffs on exports to the United States -- albeit with significant exemptions for key products such as aircraft and orange juice. Trump has openly admitted he is punishing Brazil for prosecuting his political ally Jair Bolsonaro, the ex-president accused of plotting a coup in a bid to cling to power. The US president has described the case as a "witch hunt." Greer said it was not unusual for Trump to use tariff tools for geopolitical purposes. "The president has seen in Brazil, like he's seen in other countries, a misuse of law, a misuse of democracy," Greer told CBS. "It is normal to use these tools for geopolitical issues." Trump was "elected to assess the foreign affairs situation... and take appropriate action," he added. Meanwhile White House economic advisor Kevin Hassett said that while talks are expected to continue over the next week with some US trade partners, he concurred with Greer's tariffs assessment in that the bulk of the rates "are more or less locked in." Asked by the host of NBC's Sunday talk show "Meet the Press with Kristen Welker" if Trump could change tariff rates should financial markets react negatively, Hassett said: "I would rule it out, because these are the final deals." Legal challenges have been filed against some of Trump's tariffs arguing he overstepped his authority. An appeals court panel on Thursday appeared skeptical of the government's arguments, though the case may be ultimately decided at the Supreme Court. mlm/des Sign in to access your portfolio
