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You’ve probably been hearing – and/or have experienced first-hand – insurance rates for home and auto skyrocketing this year:  “After State Farm announced last month that it would cut 72,000 home and apartment policies in California because of inflation, regulatory costs and increasing risks from catastrophes, California’s insurance commissioner, Ricardo Lara, told KCRA, “This is a real crisis.”Apr 19, 2024. California Association of Realtors (CAR) have now included insurance as a contingency on the buyer offer purchase order.  We are advising our buyers to begin the search for homeowner’s insurance in days 1-3 of opening escrow!  In the past it was an incidental item that a buyer could quickly obtain with a phone call in the mid to late escrow period.  No longer. “There is no one answer to why each provider has decided to pump the brakes on the California home insurance market. Rather, there are several key reasons. California’s state insurance regulations, inflation, increased wildfires and heightened reinsurance costs have all contributed to the current California home insurance crisis” (Bankrate 4/15/24).

Read more HERE for further details surrounding the issue related to securing homeowner’s insurance in today’s market.