It’s unclear how this news will affect the California real estate market overall, but many residents already struggle to afford the six- and seven-figure home prices in the Golden State, without even accounting for monthly expenses.
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somewhat misleading based on the first couple of lines, "pulling out" does not mean cancelation of existing policies. It means they will not write new policies. Oh, and screwing existing policy holders by jacking up renewal rates like crazy. How do I know? Same thing is happening in Florida but due to hurricanes that they think are caused by "global warming" not forest fires that they also think are caused by "global warming".
ReplyDeleteIt's happening everywhere. My homeowners insurance went from 2600.00 to 6400.00 this year. I fired them and took both autos away too. The most hated people or institutions in the universe are: any politician, any lawyer, and any insurance company.
DeleteI don't know if Cal-I-Fag-Ia housing costs will go up, but I am cheering for the 3 digit on the Richter scale quake.
ReplyDeleteHome prices? Perhaps not, but insurance premiums will for sure.....
ReplyDeleteImagine if you will, owning a home that is uninsurable because the heavy brush on your neighbor's unoccupied property is less than 150' away. Now imagine attempting to sell your home when the buyer would have to pay cash, as he would be unable to get a mortgage because the home he's buying is uninsurable. Then imagine that if the new buyer was to buy your home he too would have to be without fire insurance. What do you suppose this situation would do to the value of your property?
ReplyDeleteAnything the California Insurance Commissioner says or does is merely putting lipstick on a pig. The end result of anything he does will be to either raise rates or run more insurers out of the state, regardless of the smiley face he attempts to put on the situation.
nothing to do with screwing home owners with higher rates if they cant charge enough to make a profit they wont insure period.t he state wont let them raise rates to make that profit . competition is what keeps rates low fewer insurance companies to pick from raises rates.
ReplyDeletei had a house in the lower sierras in fire country i had two policies one for regular house insurance and another with cal fire for just fire insurance with a maned fire department just a block away.
i would think this will lower property prices
I'm in a area of Fl that has never had a recorded hurricane. Yet those with mortgages have to buy Hurricane Ins. If you ask banks about this they will say the area has had remnants of hurricanes therefore insurance is required. Years ago the Indians migrated to this area because the knew the big yearly storms did not come here. If you own your home and decline Hurricane Ins you have to sign a waiver excluding wind damage. I've found if you own and are able to declne Hurricane Ins the Insurance Co. do not want to sell you any Ins. Fuck em, my lands worth more than the house anyhow.
ReplyDeleteWhat area is that? I'd really like to know.
DeleteCheck out Ocala and parts of Marion Co. Marion Co is huge. Some sites will say hurricanes but it's actually the remnants with winds less than a tropical storm.
DeleteHouse prices will drop because people will sell because they don't want to deal with increasing insurance costs. Rental cost will rise as landlords cover the increasing cost of insuring their property.
ReplyDeleteDaryl
No insurance means no loans means prices fall to a level that makes cash sales possible.
ReplyDeleteWhere are you? I was unaware of any part of Florida that did not get hurricane visitation at least sometimes. I am truly curious.
ReplyDeleteAlein