08/24/2023
Homeowner insurance CANCELLED?! ❌❌❌
Recent headlines have been filled with stories of major insurance companies ending coverage in California. 📰
So what is happening?! 🤔
Numerous reasons including recent natural disasters and inflation causing higher costs of binding material, have caused insurance companies to stop issuing, or reduce the number of, new homeowner policies in the state.
Now how does this effect you? 🤷🏼♀️
If you are buyer, and you get into escrow, immediately start contacting insurance companies/brokers to identify a policy. There are still insurers, just not as many, and some policies may be expensive. Getting insurance coverage is a part of your inspection contingency - NOT loan contingency, so you will want to be sure to have a longer inspection period than we have needed in the past.
Send to a friend who is looking to buy a home in CA 📲🏡