The state of home owners insurance in California now

bobthetj03

bobthetj03

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It's a shit show right now. Just got my "Screw You" letter from Farmers the other day saying they will no longer renew my policy. Been with them for 25+ years. Calling around to the big 5 and nobody is writing policies in the state right now. That leaves us poor home owners to deal with the Fair State act program or whatever it's called. Just stack on another reason to bug out of California. I hear Florida is worse. Guess we get to sit back and watch the insurance industry systematically put properties into default as home owners scramble to try to find coverage for their lienholders and can't afford it. Time to move to the desert I guess.
 
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bobthetj03 said:
It's a shit show right now. Just got my "Screw You" letter from Farmers the other day saying they will no longer renew my policy. Been with them for 25+ years. Calling around to the big 5 and nobody is writing policies in the state right now. That leaves us poor home owners to deal with the Fair State act program or whatever it's called. Just stack on another reason to bug out of California. I hear Florida is worse. Guess we get to sit back and watch the insurance industry systematically put properties into default as home owners scramble to try to find coverage for their lienholders and can't afford it. Time to move to the desert I guess.
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My neighbors just sold their home and said the roof needed to be newer than 10 years for the owners to get insurance.
 
Chris said:
So what happens if you have a mortgage? Mortgages require home insurance. How does that work?
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Exactly! If you can't get insurance then your mortgage holder will force it on you and tack it to your mortgage at some unrealistic rate, thus forcing you to default on your loan and gobble up your property. We then get to watch the blood letting as more folks lose their homes and the banks cry as they slit their own throats as they gather properties they can't sell.
 
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Dictionary
Definitions from Oxford Languages ·

ex·tor·tion
/ikˈstôrSH(ə)n,ekˈstôrSH(ə)n/
noun
  1. the practice of obtaining something, especially money, through force or threats.
    "he used bribery and extortion to build himself a huge, art-stuffed mansion"
 
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bobthetj03 said:
Exactly! If you can't get insurance then your mortgage holder will force it on you and tack it to your mortgage at some unrealistic rate, thus forcing you to default on your loan and gobble up your property. We then get to watch the blood letting as more folks lose their homes and the banks cry as they slit their own throats as they gather properties they can't sell.
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Wow! This should be interesting to watch play out over the long run. Is that worthless governor of yours trying to do anything avoit this?
 
Rent the home to someone you know and continue to live in it. The state favors renters and evictions take forever. Especially, if "Covid comes back" and .gov makes evictions illegal again.

Worse case a bunch of these a week might slow things down.


Seriously though, good luck.
 
Chris said:
Wow! This should be interesting to watch play out over the long run. Is that worthless governor of yours trying to do anything avoit this?
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News a few weeks ago said Farmers tried cancelling policies if the roof wasn't less than 10 yrs old in GA. even our worthless Governor and insurance commissioner told them it aint going to happen and they backed down !
 
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tr21triton said:
News a few weeks ago said Farmers tried cancelling policies if the roof wasn't less than 10 yrs old in GA. even our worthless Governor and insurance commissioner told them it aint going to happen and they backed down !
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So - you're supposed to replace the roof every 10 years? Farmer's just pulled out of Florida - maybe over the same issue?
 
Chris said:
Wow! This should be interesting to watch play out over the long run. Is that worthless governor of yours trying to do anything avoit this?
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Zorba said:
So - you're supposed to replace the roof every 10 years? Farmer's just pulled out of Florida - maybe over the same issue?
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honestly the customers along with the roofing companies have brought this on themselves. people wait until a good storm to get their worn out old roof replaced by the insurance company. so now you get this !!!!
 
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I'm about to drop hurricane coverage, Jumped to $2,800/yr from $1,600 2 years ago. Fuck that - this house has been here since 1963, it probably isn't going anywhere. If it does, I'll walk away from it.
 
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