Realtors or Builders - HO insurance in Cali on purchase or build

[C-2]

Hey guys - what is everybody doing for new builds, or even purchases of existing homes in Cali given that nobody is writing new homeowners policies?

And no, the answer is not moving out of Cali. Let's not go there. Again.

Any fedback?

 

[4Waters]

I've got nothing then

 

[Kachina26]

Freeball it and hope for the best? If you lose everything, the weather is perfect for urban camping.

 

[Havasu blue label]

Hey guys - what is everybody doing for new builds, or even purchases of existing homes in Cali given that nobody is writing new homeowners policies?

And no, the answer is not moving out of Cali. Let's not go there. Again.

Any fedback?

State Farm

 

[Done-it-again]

Hey guys - what is everybody doing for new builds, or even purchases of existing homes in Cali given that nobody is writing new homeowners policies?

And no, the answer is not moving out of Cali. Let's not go there. Again.

Any fedback?

State plan.... that is what they are wanting you to do.

 

[Havasu blue label]

Who is your current policy with

 

[OldSchoolBoats]

Hey guys - what is everybody doing for new builds, or even purchases of existing homes in Cali given that nobody is writing new homeowners policies?

And no, the answer is not moving out of Cali. Let's not go there. Again.

Any fedback?

There are tons of carriers writing new policies. Haven't had any issues with the loans we have done lately.

AAA
MERCURY
BAMBOO
FARMERS
ALLSTATE
LIBERTY MUTUAL
AEGIS
STILLWATER

 

[Mike Honcho]

I have some rentals in Monrovia and unfortunately was cancelled from mercury ins. and could not get a renewal from any other company due to a moratorium placed on my zip code. So now I have had no choice but to go to Calif. Fair plan and that is only for fire ins. I have tried to get other companies to cover for flood and liability however that is still not covered due to the moratorium so at this point this is the norm for a lot of people in the area.

My understanding is that some insurances companies may start to write policies again in the moratorium zip codes in mid-March however the costs associated with the current and future policies are not reasonable at all. I used to pay 1200/ yr for a full policy covering everything and an earthquake policy of 859.00 per year with the large deductible and now the cost for earthquake is 5-6K annually and I pay over 2K just for fire ins with fair plan. How is this maintaining low-cost housing and

My assumption is that if some federal laws are not implemented to mandate and control insurance costs then folks will eventually start losing their homes.

On a side note, looking into property tax is another unfortunate thing that needs attention. 2% increases each year I understand but lets see how the tax dollars are going to an infrastructure that is warranting a 2% increase.

 

[C-2]

Who is your current policy with

State Farm But I haven't called yet to see their stance on either situation. I just remember reading they were not issuing new policies.

 

[C-2]

There are tons of carriers writing new policies. Haven't had any issues with the loans we have done lately.

AAA
MERCURY
BAMBOO
FARMERS
ALLSTATE
LIBERTY MUTUAL
AEGIS
STILLWATER

Awesome, thanks.

 

[Backlash]

I'd be absolutely shocked if State Farm did ANYTHING with homes these days. They dropped us like a hot potato for no explainable reason. And no, we're not in a high-risk fire zone either.

 

[Havasu blue label]

State Farm should write your policy

 

[COCA COLA COWBOY]

I've had the best experiences with Bamboo and Fair. I'm not saying it's perfect, but it's been the best with what is available. Good luck!

 

[Cole Trickle]

Policies are still being written but if you are in a brush risk area or the home is old and not updated its going to be very tough.

You can google the long list of carriers no longer writing new policies in CA. Allstate,farmers and state farm are on that list.

I will warn you all right now if the state keeps trying to control the insurance companies from making a profit they will all leave. The market was really bad and insurance companies were fleeing prior to the largest loss due to fire in US History......Its going to be a mess for a long time and some of the things the CA department of insurance are demanding are suicidal to business and i don't see it happening.

 

[Hypnautic]

Hippo Insurance is based out of Palo Alto.
They have a program for new builds in CA.
Not sure if that is only offered through the builder or if program is open to public?
I have them on a couple of homes--one of which is in CA.

 

[JM21]

Expect California fair plan for anyone even remotely close to fire lines.

Other than that refer to Joe’s post. I have had luck with the same carriers and have Aegis on my personal home and rental property.

 

[C-2]

Thanks again guys