Insurance rate increases

F

freedomcm

Active member
SGIP wrote:
Lenders used to use a .3 rate for annual insurance, but most quotes came in at .15 to .20. Today, with major insurance companies leaving the state AND that this would be a rental, assume a .5 to .6 rate of coverage - all dependent upon the cost to rebuild and the size of the mortgage.

Has anyone yet experienced rate hikes?
 
freedomcm said:
SGIP wrote:
Lenders used to use a .3 rate for annual insurance, but most quotes came in at .15 to .20. Today, with major insurance companies leaving the state AND that this would be a rental, assume a .5 to .6 rate of coverage - all dependent upon the cost to rebuild and the size of the mortgage.

Has anyone yet experienced rate hikes?
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For our IE rental, complex insurance doubled for half the coverage after primary carrier exited.

I personally expect insurance in wildfire prone areas is going the way the CEA.
 
State Farm rental insurance for my rental house:
2018 ~ $964
2019 ~ $1,015
2020 ~ $1,057
2021 ~ $1,245
2022 ~ $1,438
2023 ~ $1,489
This rental house burned in 2017 canyon fire as well...
I think statefarm is/was suing cal-trans for that fire to recover the money they gave me.
 
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I was shopping for rates for my Irvine home and noticed that Costco's insurance company doesn't offer insurance in CA any longer.
 
usctrojancpa said:
I was shopping for rates for my Irvine home and noticed that Costco's insurance company doesn't offer insurance in CA any longer.
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Are you referring to Connect? I have car insurance with them because they're the cheapest for Tesla, but they wouldn't cover my home because it's close to fire hazard zone. I didn't know they just don't cover CA period.
 
CalBears96 said:
Are you referring to Connect? I have car insurance with them because they're the cheapest for Tesla, but they wouldn't cover my home because it's close to fire hazard zone. I didn't know they just don't cover CA period.
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Yeah, I think that's them. I have my cars with Progressive but I'll have my insurance broker find me a good insurance company.
 
My car insurance is with Progressive and they've given me the lowest price the past 3 years. Even a broker was unable to beat it. This is factoring in our Tesla Model X too.
 
zubs said:
State Farm rental insurance for my rental house:
2018 ~ $964
2019 ~ $1,015
2020 ~ $1,057
2021 ~ $1,245
2022 ~ $1,438
2023 ~ $1,489
This rental house burned in 2017 canyon fire as well...
I think statefarm is/was suing cal-trans for that fire to recover the money they gave me.
Click to expand...
wow, that pricing seems very low given the obviously high risk if the house burned in 2017!
 
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