Property/homeowners Insurance

[ericm979]

My Oregon place is on farm insurance. The agent warned me when I was filling out the forms that a wood stove would cost extra. Turned out to be all of $30!

Our California insurance isn't all that expensive (for California). And we haven't been canceled yet. So many people in my local mountains and in the Sierras have expensive insurance or are on the FAIR plan. I do not understand how we have avoided those. Maybe the insurance company's risk models have data showing us as less of a risk than I think we are. But surely they know that rebuilding costs are $800-1000 sq ft (and that's not for a fancy place, just a decent one).

 

[ultrarunner]

I was in escrow and never gave insurance a second thought until the rejections started and this was 2017

The 2 agents that had all my business each took the address and said no can do…

Then I saw Costco was advertising Insurance so I filled out the detailed online application and rejected so I filed a complaint saying I was redlined due to Oakland location and the response was the stove.

I know two people that never once used the fireplace as in never not once since new and now with the burn bans and prohibition on new wood burning builds it’s highly unlikely but because the homes had chimneys it was a no go not mattering never used.

The home of my dreams was sold and I keep in touch with the current owner and he has had a hell of a time with insurance… Lloyds of London at one time and now a split policy with State for fire and another for liability…

Twelve years ago it was $2800 and now pushing 20k

 

[wilso]

I'm in search of a good insurance company for our rental property. Just looked into Obie insurance. I should say, I'm impressed. Their online quote process was super quick and transparent. And rates seem competitive compared to traditional insurers. It was easy to contact them via the obie phone number and get the needed info. But I still want to check more companies to have a wider choice.

 

[ultrarunner]

I had hoped to dodge a bullet but after 40 years the non renewal letter arrived today for a single family rental… zero claim history in 40 years a max $7,500 deductible…

Farmers says they are no longer offering this coverage in California…

I’ve run into this before with Fireman’s Fund on a different property.

Now the fun begins… what will it take to place coverage and with rent control how to pay for higher premiums should this be the case?

Potentially, this could be the first of many…

 

[scootr]

State Farm just raised my rates. Still affordable at $134 month for a small 4 bdrm 2 bath home in CA.

 

[Thall303]

I’m a landlord in Houston and am curious as to how many if any are willing to go without insurance coverage altogether?

 

[ultrarunner]

I would on my residence but too risky with rentals…

Several of my rural friends no longer have fire coverage… just not doable… they all still have separate liability.

 

[CloverKnollFarms]

I clean up debris from tornados, for homeowners without insurance, too often. I can't imagine not insuring my largest physical asset

 

[ultrarunner]

It’s good you have options but some have run out of options.

A friend shut down his boutique winery due to insurance…

It was simply no longer available except for the California Fair Plan which is insurance of last resort for home owners but policy limits fall short of covering his operation with buildings and equipment factored.

Unable to place insurance has stopped sales when a mortgage is needed.

A nearby retirement community with its own zip code has the highest number of cash transactions and also the highest number without insurance…

Dad had lots of friends in the business and to a one all are gone as they get squeezed or forced out…

I will continue with max deductibles as long as I can…

 

[RayIN]

No it does not. We update our policy every other year. They are constantly upping the value to replace every time adjusted for inflation. Heck, this years policy shows the base dwelling replacement value is 4 times what it was 10 years ago.

If you dont update this occasionally, you wont be happy if the house is lost.

Just today the evening ABC national news did a piece on the people who's houses were burned in the California fires. 46% were under-insured; some by at least $150,000.