Every buyer should be asking the seller for an insurance pre-approval or pre-qualification letter.
In a nutshell, many insurance carriers argue the insurance premiums they charge California homeowners don’t come close to covering their costs to rebuild burned-down homes and commercial structures from the likes of natural disasters and catastrophic events. For example, global warming has helped to make California real estate incendiary fuel.“State Farm is the ultimate canary in the coal mine,” said Dan Dunmoyer, president of the California Building Industry Association.
“Lara grants the insurer maybe a 6% to 7% rate increase when the insurer needs a 20% increase,” Dunmoyer told me.“Discouraging building in fire-dangerous areas is not a bad idea,” said Richard K. Green, director and chair of the USC Lusk Center for Real Estate. “People who don’t need it are always the ones subsidizing the people that need it. Surely, this will matter at some point.”
“Eighteen months ago, I started hearing about fire insurance. Before that, it never came up. At some point, it will lead to delinquencies. Insurance carriers will make it prohibitively expensive to insure in areas prone to natural disasters,” said Michael Fratantoni, chief economist at the Mortgage Bankers Association.
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