Nope, but I had them quote me after I found out mine was going up and it wasn't in the ballpark to what I was going to have to pay. I had 4 quotes ran and everything came back more than what I was paying so I just stayed where I'm at.
Off-Topic: Southern California Fires
- Thread starter BigJCy
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Par for the course right now. Not to mention most carriers getting out of mono lines etc. ACV roofs day 1 for some even
People chose to live in these fire and hurricane areas. I'm tired of subsidizing them so raise the rates. Of course, if the companies weren't driven by making billions for ceos and shareholders, that'd help.
This is a true problem in the mortgage world. Insurance companies pulling out or increasing premiums to the point it makes it difficult to make the payment.
Texas has seen premiums bump up due to severe storms too.
Lived LA for almost 40 years, from the LA area perspective it's by far the worse we have seen. The wind is taking embers dozens of miles away.
Be thinking of us out here :-(
Be thinking of us out here :-(
Had relatives who needed high risk fire insurance. Right in the foothills. Prime fire area.
A fire raging through LA in January? Fairly rare.
Normally it's is rainy season now. But this year very dry and winds are insane.
Winds supposed to be slowing down by Thursday
If the companies knew what went on in your house, I’m guessing that’s a bargain for them.
All 50 states are under pressure from the insurance companies. Yes, some are worse then others, but its effecting everyone. Midwest is seeing record level increases.
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I work in the mortgage business and deal specifically with all things property related (appraisal, title, insurance, and condo projects).
Getting financing- particularly in condos - is increasingly difficult in these areas. Not just because of costs to consumers but because insurance carriers literally won’t write the coverage needed to satisfy Fannie/Freddie, FHA requirements. Other private label securitization is too lazy to write their own property policies so just follow Fannie, Freddie and FHa.
Just last week saw a condo project that could only get a 1M wildfire policy on b building with 56M estimated replacement cost. It was in LA county.
Borrower, real estate agents, HOA all freaking out because we couldn’t do the loan. This is exactly why.
Yeah ours went up recently. Sucks ass. But what can you do. Grind your teeth and pay it I suppose.
It may be of some help, but it can spread pretty quickly even in that environment. The wife's uncle live in Santa Rosa and he said the fires in 2017 moved through some neighborhoods with alarming speed.
Iowa is considered a high risk state from insurance company standpoint.
I’ve spent my entire day at work dealing with this. Learning that there is some confidence in SoCal that these massively wide freeways (like 6 lanes) provide some barrier to fire spreading further. But if fire does jump those it gets really bad really fast.
When wind gusts are over 100 mph there is absolutely no way to stop it. And that is what we are seeing.
They cannot launch Big tanker aircraft to lay down fire retardant
They cannot launch Big tanker aircraft to lay down fire retardant
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I mean, it's harsh when put that way, but that's the end of it -- these companies are abandoning these areas for a reason. That reason is because they don't make money.
That's it. There's all there is to it: lack of profitability. Certain areas/states are going to become insurance deadzones.
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