Attention So Cal home owners. Insurance stuff

Bobalos

Bobalos

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It would appear that home insurance companies are not renewing or canceling policies in "increased fire risk areas" again.  They did it to ua both times we had big fires here in San Diego.  Fortunately we found other coverage both times.

My specific issue this time is the general policy the HOA has on the complex where our condo is.  Rate is going from 23k/year to 330k/year for 5M of coverage vs the 17M we used to have.  The HOA is stating this is the only option they have right now.  I'm guessing this may also affect the rate on the policy I have on the condo itself.   Not sure yet... 

Some of this might have been avoidable, some of it simply has to do with location.  

 
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i have one vehicle in the shop after an accident and another waiting on that one to be finished to put it in from an accident. both not our faults.

body shop owner said he sees us going to something like health/ RX insurance, there will be some out of pocket after deductible is paid and very soon.

its just a racket with no breaks ever

 
Bobalos said:
It would appear that home insurance companies are not renewing or canceling policies in "increased fire risk areas" again.  They did it to ua both times we had big fires here in San Diego.  Fortunately we found other coverage both times.

My specific issue this time is the general policy the HOA has on the complex where our condo is.  Rate is going from 23k/year to 330k/year for 5M of coverage vs the 17M we used to have.  The HOA is stating this is the only option they have right now.  I'm guessing this may also affect the rate on the policy I have on the condo itself.   Not sure yet... 

Some of this might have been avoidable, some of it simply has to do with location.  
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I got screwed.  My HOI went up $600/yr.

 
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Isn't a member around here a Insurance Agent, didn't he say that insurance premiums were going to take off like gas prices a few months back? 

 
Just paid premiums for two cars and home, and thankfully no noticeable changes in rates. 

I'm not in California though.

 
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We got canceled this year, had to get the Fair plan, not sure what its going to cost but I'm sure its a lot more for less coverage. 

 
I'm in class 10 fire hazard area, and over the desired 7 mile range from a fire department.  when i first bought my house 11 years ago  it was high at $5500 per year, had modest increases over the years but last year it jumped to $8500 per year, partly due im sure that home prices have over doubled but i see no end in sight

 
My HOI has been about 5500.00 per year, this year I was canceled and requoted 30k for the year.. 30 friggin grand...

I now have 2 policies, one regular and the other with the "Ca Fair plan" just for fire. Total now is aprox 9k per year with a much larger deductible in case of fire and less coverage overall.

I am no expert but I would not consider our location in a high fire zone.

 
DUNEFLYER said:
My HOI has been about 5500.00 per year, this year I was canceled and requoted 30k for the year.. 30 friggin grand...

I now have 2 policies, one regular and the other with the "Ca Fair plan" just for fire. Total now is aprox 9k per year with a much larger deductible in case of fire and less coverage overall.

I am no expert but I would not consider our location in a high fire zone.
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that is crazy!!

 
Blame politics and the state.

CA is doing nothing to prevent these fires from occurring.  We have massive fires every year now, sometimes several.  Also on the home side, they are seeing a lot of big claims from water damage due to plumbing failures.  I know everyone says they've never "had a claim" but your neighbor just had a 85K loss due to a slab leak.  It really wipes out the whole block as far as profitability goes

currently on auto insurance you will not see any rate increases (unless you got new violations / accidents) but expect auto insurance rates to go to the moon next year and the following.  the current insurance commissioner of the state of CA, is not allowing auto insurance carriers to take slight rate increases to keep up with the market.  This has caused many carriers to not want to write any new business in the state for a few months now, and will continue until after the election, until he allows the rate increases to pass, which will come raining in.  It's all political at this point. Nobody likes to hear it, but the insurance companies are losing money like crazy currently on auto insurance, with the inflation on parts, and situations going on with body shops etc.  Also, when was the last time you got on the freeway and didn't see an accident?

just some insider info on what to expect in the near future    

 
we live in high fire and went from $2500 a year for our home to $8,900 and that's with the Ca fair plan, we had quotes as high as 50k, friggen robbery

 
DAMN!!! Those are some crazy quotes!! 

Bought a place in Redlands, CA 6 mos ago. HOI is $930 a year. 

 
DUNEFLYER said:
My HOI has been about 5500.00 per year, this year I was canceled and requoted 30k for the year.. 30 friggin grand...

I now have 2 policies, one regular and the other with the "Ca Fair plan" just for fire. Total now is aprox 9k per year with a much larger deductible in case of fire and less coverage overall.

I am no expert but I would not consider our location in a high fire zone.
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That's wrong in so many ways.

 
We are in a High fire danger area, South Santa Cruz mountains, 3 years here now and on to the third and final company that will insure in our area. State Farm.  Started with AAA, Then American Modern, Then Farmers.  Each time I check to see  what the UN- Fairplan is and it has varied wildly each year from as low as 5800 to as high as 12k, and you still need a separate plan for your stuff and liability.  Gavin must be a major beneficiary of this program.  None of these companies care what you have done to mitigate the likelyhood of your house burning in the event, only where you are on a map.  State farm has a subcontractor who is going to come out and gel the house, but with everyone now dependent on 1 company, the likelyhood of them getting to all their customers is low.  

 
Guess I can't complain at $1314 this year. It's up around $300 from last year. Maybe I get a good rate because there's a LA County fire station directly across the street from me. 

 
The problem is forest management, or lack there of and cost of rebuilding homes right now.... don't feel bad all homeowners insurance is getting hammered.....same with Auto....bad years for the insurance industry. 

 
Realbadlarry said:
The problem is forest management, or lack there of and cost of rebuilding homes right now.... don't feel bad all homeowners insurance is getting hammered.....same with Auto....bad years for the insurance industry. 
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Mine is only $933 a year Home owners. Not that bad actually. 

 
Bobalos said:
It would appear that home insurance companies are not renewing or canceling policies in "increased fire risk areas" again.  They did it to ua both times we had big fires here in San Diego.  Fortunately we found other coverage both times.

My specific issue this time is the general policy the HOA has on the complex where our condo is.  Rate is going from 23k/year to 330k/year for 5M of coverage vs the 17M we used to have.  The HOA is stating this is the only option they have right now.  I'm guessing this may also affect the rate on the policy I have on the condo itself.   Not sure yet... 

Some of this might have been avoidable, some of it simply has to do with location.  
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That is flipping nuts! Over 14 times the cost for less than 1/3 of the previous coverage? I have a place in Redlands, Ca and one in Utah, homeowners is about the same but its based on square footage and the Utah house is over twice the size. 

 
My agent sent an email to all his clients warning of price increases next year, and I assume they will be drastic since he felt the need to warn his clients.

The rates you guys post are nuts, but then again the details matter such as sq ft and value. Our house is 1 yr old, 2300 sq ft, and I pay a little over $400 per yr. I pay just under $2k for HOI, 3 vehicles, and an umbrella.

 
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