• Global community
    • Language:
      • Deutsch
      • English
      • Español
      • Français
      • Português
  • 日本語コミュニティ
    Dedicated community for Japanese speakers
  • 한국 커뮤니티
    Dedicated community for Korean speakers
Exit
0

Home Insurance Debacle

Community Expert ,
Jun 29, 2023 Jun 29, 2023

Copy link to clipboard

Copied

Background: California & Florida homeowners are struggling to find & keep their homeowner's insurance.  Major insurance companies have stopped writing new policies and are not renewing existing ones. Underwriters argue that litigation costs combined with catastrophic weather events (fires, floods, climate change) have made insuring properties too risky.  Banks & mortgage lenders insist that real properties be adequately insured for the loan amount or else it's bye, bye mortgage.  

 

As some of you may know, we were planning on installing solar roof panels this year to reduce our carbon footprint and reliance on the electric power grid.  I've since learned however, that some insurance companies are using solar panels as an "exit excuse" from current protection policies. They claim that solar installation brackets compromise the home's structural integrity which renders it "un-insurable."

 

I see no way out of this mess until lawmakers step-in & take action.  So it looks like our dream of installing solar panels is on hold for the foreseeable future.  😓

 

Nancy O'Shea— Product User, Community Expert & Moderator
Alt-Web Design & Publishing ~ Web : Print : Graphics : Media

Views

245

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jun 29, 2023 Jun 29, 2023

Copy link to clipboard

Copied

I don't know about Florida, but California has been in the news several times over the past several years due to the fires that have destroyed homes and burned thousands of acres of land... as I remember, at least some of the fires were found to have been caused by lack of maintenance and/or danger tree removal by the power company... really sad for homeowners

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jun 30, 2023 Jun 30, 2023

Copy link to clipboard

Copied

Unfortunately, fire knows no boundaries.  100 million Americans are breathing unhealthy air from Canada's massive wildfires.  

https://www.reuters.com/world/us/smoke-canadian-wildfires-settles-over-us-midwest-east-2023-06-29/

 

Nancy O'Shea— Product User, Community Expert & Moderator
Alt-Web Design & Publishing ~ Web : Print : Graphics : Media

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 02, 2023 Jul 02, 2023

Copy link to clipboard

Copied

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 02, 2023 Jul 02, 2023

Copy link to clipboard

Copied

We had an earthquake early this morning.  I don't know anyone who has earthquake insurance anymore. If you can find it, it's too pricey and doesn't cover much. Flood insurance is sold only through FEMA and the premiums are very expensive.

 

Florida's insurance crisis has less to do with fires and more to do with hurricanes, floods & tornadoes.  Bottom line is private insurance companies no longer want to be in the risk business.

 

Nancy O'Shea— Product User, Community Expert & Moderator
Alt-Web Design & Publishing ~ Web : Print : Graphics : Media

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 06, 2023 Jul 06, 2023

Copy link to clipboard

Copied

Yea, insurance in CA is having issues. For all the reasons that have been previously mentioned. While living in the Los Angeles area, we had AAA for our house. When we moved to the central coast, AAA declined covering us, as our house backed against a hill. State Farm did insure us, but I heard that they are now getting out of CA all together. Glad we moved out of CA. Here's a shot, from 2020, taken from my driveway, of a fire. We had to evacuate. Luckily, we sustained no damage. 

FB_IMG_1688641745176.jpg

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 09, 2023 Jul 09, 2023

Copy link to clipboard

Copied

Another one bites the dust!  Now Farmers has left California's homeowners high & dry along with AllState and State Farm.

👿

 

 

 

 

Nancy O'Shea— Product User, Community Expert & Moderator
Alt-Web Design & Publishing ~ Web : Print : Graphics : Media

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 09, 2023 Jul 09, 2023

Copy link to clipboard

Copied

Wow, that's not good. 

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 10, 2023 Jul 10, 2023

Copy link to clipboard

Copied

Farmers say they will continue to service current policy holders.  But no new policies will be issued which puts a bite on home buying.  I don't dare make any major improvements because I might lose the coverage I have.  Pins & needles, needles & pins.

 

 

Nancy O'Shea— Product User, Community Expert & Moderator
Alt-Web Design & Publishing ~ Web : Print : Graphics : Media

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 15, 2023 Jul 15, 2023

Copy link to clipboard

Copied

AAA just added their name to this rapidly increasing list. 😝

AAA follows Farmers in limiting coverage in Florida, citing natural disaster threat (msn.com)

 

 

 

Nancy O'Shea— Product User, Community Expert & Moderator
Alt-Web Design & Publishing ~ Web : Print : Graphics : Media

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 15, 2023 Jul 15, 2023

Copy link to clipboard

Copied

The article I posted on July 2nd mentioned that part of the reason was the state insurance head not allowing rate increases when the insurance companies were loosing money due to so many large claims... no company can stay in business when it loses money

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Jul 15, 2023 Jul 15, 2023

Copy link to clipboard

Copied

The House needs to focus less on nonsense & more on genuine crises like this one. If they don't intervene soon, we're all in deep trouble.

 

 

 

 

Nancy O'Shea— Product User, Community Expert & Moderator
Alt-Web Design & Publishing ~ Web : Print : Graphics : Media

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Oct 02, 2023 Oct 02, 2023

Copy link to clipboard

Copied

My wife went to visit some friends in SLO. Both have State Farm, and both have gotten letters saying they're going to reevaluate their policies. Not a good thing. I contacted a insurance broker in SLO this is what he said, when I asked about getting insurance in the Avila Beach area:

 

"Yes, you are correct, the insurance industry in California is a mess. The California Fair plan is the only insurance that we would have for that risk along with a companion policy (difference in condition)..."

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Oct 06, 2023 Oct 06, 2023

Copy link to clipboard

Copied

Insurance is a commercial business wanting to make money. So you make money by insuring risks you know that never happen. As soon as the risk gets too high, insurers step out, if they can. At some stage, govenment needs to step in. And government is paid by the taxpayer. 

ABAMBO | Hard- and Software Engineer | Photographer

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines
Community Expert ,
Oct 12, 2023 Oct 12, 2023

Copy link to clipboard

Copied

LATEST
  • Just an update. Here in NC we're paying about $2,900 for a 3,000+ sq ft bome. In CA for a manufactured home, in an area deemed a fire area, a quote is $4,700.

Votes

Translate

Translate

Report

Report
Community guidelines
Be kind and respectful, give credit to the original source of content, and search for duplicates before posting. Learn more
community guidelines