Homeowner's Insurance - anyone successfully insure a condo?

I

intrinsic

New member
Hello all,

I am looking to purchase a property in Irvine which is classified as a condo and is NOT in a high-risk fire zone.

1. With all the new-policy moratoriums, has anyone had recent luck in obtaining homeowner's insurance for a condomium in Orange County?

2. Does anyone own their property via a wholly-owned LLC or living trust? If so, was your insurer able to insure it in the name of the LLC/trust or add it as an "additional insured" without much issue?

So far I have had no luck with State Farm, Allstate (both have moratoriums still), Bamboo (won't cover condos)...Mercury also doesn't seem to know how to add LLCs as additional insured to their policies.

Any referrals or tips would be greatly appreciated.

Thank you in advance!
 
Are you talking about an attached condo or detached condo? For an attached condo you'll only need interior insurance (HO-6 policy) while for a detached condo you'll need a full fire/building policy (HO-3 policy). Who are the members of the LLC? Just you and your spouse? If so, I would just have the policy under your name/s even after you transfer the property into the name of an LLC because a single member LLC or where the only members of the LLC file on the same tax return is a disregarded entity. Your best bet would be to get some insurance quotes from an insurance broker. I was cancelled by one of my insurers on my Irvine home and ended up getting a policy through my insurance broker from an out-of-state insurance company.
 
Hi USC,

Thank you for taking the time to reply!

The property is an attached condo (looks like a townhome from the outside) with a master and secondary associations.

I am the 100% owner and only member of the LLC. From your advise/suggestion is it correct that keeping the policy in my personal name in this case will still cover the property (since the LLC is a disregarded entity)?

If this is the case, this would be the easiest route it seems.

Thanks again for the info.
 
Arent you better off getting umbrella insurance instead of an LLC? Unless you have many rental properties or a big unit where umbrella wouldn’t be able to cover
 
I recently got home insurance quotes for my condo from AAA and Geico. Geico was the cheapest at roughly $500 for HO-6.
 
State Farm just announced they will drop home insurance coverage in OH with 92602 zip code
 

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Danimal said:
They are canceling the existing home insurance policies in these zip code, not just for new or renew.

abc7.com

State Farm cutting coverage: Here's a list of the SoCal communities impacted by zip code

Some people in upscale neighborhoods in Los Angeles County, especially those in high-risk fire areas, are being impacted.
abc7.com abc7.com
Click to expand...
The number they list after each zip code is the number of policies that are affected. So while Calabasas has 1090 homes affected, 92602 only has one home affected.
 
In Irvine, it's often said that an empty home is the best neighbor you can have. State Farm should update their jingle to reflect that.
 
I often wonder after my house burned, if I should have hired a lawyer to extract as much money from State Farm as humanly possible.

However, I did not do this and worked with the state farm insurance adjuster on the fair value of the payout.
State Farm still insures this house...and did not drop me. I wonder if it's because I made it easy on them....

¯\_(ツ)_/¯
 
My co-worker got into a car accident last month and was not at fault.

He and his wife were hurt, but not too bad. He skipped a day of work.
He hired one of those billboard lawyers.

After the car was repaired, his payout from the insurance company was $27,000.

The split was as such:
1/3 - lawyer
1/3 - doctor
1/3 - client

I wonder how much he would have got if he didn't hire a lawyer.
 
Irvine2023 said:
The number they list after each zip code is the number of policies that are affected. So while Calabasas has 1090 homes affected, 92602 only has one home affected.
Click to expand...
That would make more sense because otherwise hundreds of houses would be affected.
 
zubs said:
I often wonder after my house burned, if I should have hired a lawyer to extract as much money from State Farm as humanly possible.

However, I did not do this and worked with the state farm insurance adjuster on the fair value of the payout.
State Farm still insures this house...and did not drop me. I wonder if it's because I made it easy on them....

¯\_(ツ)_/¯
Click to expand...

My family has been with the same State Farms agent/office since 1982 or 1983 and I've used them to insure 8 properties over the years, in addition to renter's insurance, auto insurance, home insurance, earthquake insurance, etc. They've paid out for various incidents like hole in roof and water damage. Still with them today.
 
It's crazy what is going on with homeowners insurance in CA today. I had to use a broker to get insurance for my homes.
 
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