I have been sending more and more articles regarding the CA insurance crisis and the issues we are facing trying to get our properties insured. I know something has reached a very critical point when I am receiving weekly calls from clients asking for insurance referrals or worse saying their insurance company cancelled their policy.
The unfortunate part of all this is that there are only approximately 10 insurance companies in CA right now that will issue homeowner’s insurance. When a client receives a notice of their premium going up, there is no “shopping around” to get a better price because there are no options to find a better and cheaper policy, most times. This is also affecting would-be buyers because higher insurance premiums are affecting their ability to qualify for a home loan.
One of the main calls I am getting from my clients is that their current insurance company is asking them when was the last time they updated their electrical, plumbing systems, and roof. If for whatever reason the insurance company feels these systems are not up-to-date, they follow through with a cancellation.
If you find yourself in a situation where your current insurance company will not renew your policy and/or you cannot find any type of reasonable homeowners insurance, you can always get insured through a California Fair Plan.
If you find yourself in this situation, call me and I’ll get you the information you need for assistance.
Click Here to Read the Article
Source: San Francisco Chronicle
|