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Rainmaker
1,827,695
Gary Frimann CRS, GRI, SRES, ABR, SFR
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker, Notary

We've been having insurance issues since the early 2000s.  Back then it was due to mold.  It's always something.  I predict they'll be back in CA within a decade.

May 31, 2023 10:26 AM
Rainmaker
5,967,493
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

I've been hearing this for some days. State Farm is my insurance company here in Charlotte.

May 31, 2023 09:39 AM
Ambassador
2,790,602
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Saw it on the news.  

   Florida lost a lot of insurers after last fall's hurricanes.

May 31, 2023 09:29 AM
Rainmaker
1,700,598
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

They are not pulling out of insuring houses in California! 

They will not be writing new policies in California.

They are still supporting exiting policy holders.

State Farm has, in the past, paused insuring new clients in what they considered high fire risk areas. Now, they seem to think the entire state is a risk.

They will reevaluate and return to the California market at some future date. The California market is to big for them to ignore.

I would think the concept of saving on insurance premiums by bundling with one company will also cost them future auto insurance business.

May 31, 2023 12:20 PM
Rainmaker
3,044,182
Richie & You
pearlsforthesoul.com - Cedar City, UT
Author & Consultant

The leadership of this state is what it testifies to. Law-abiding, dues paying citizens incur this hardship because factors that would mitigate, solve & address are absent. If a business has to shut down, we all suffer for it. Right now, I am paying $2500 a year insurance that used to cost $4-600 per year. 

May 31, 2023 11:00 AM
Rainmaker
695,338
Jason E. Gordon
CrossCountry Mortgage, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

While this news is unfortunate, it serves as a strong reminder for all of us to acknowledge and consider the rising premium amounts in for HOI policies on CA properties. Monthly HOI payment estimates historically hovered around $100 - $150. If the subject property is located in a flood and/or fire zone, we need to hike those estimates closer to $350 - $400 (which can cause DTI and/or payment shock issues)

May 31, 2023 10:45 AM
Rainmaker
1,606,315
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes, saw that on Reddit the other day.

May 31, 2023 09:36 AM
Ambassador
3,627,697
Kathleen Daniels, Probate & Trust Real Estate Svcs.
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

I heard about that, Buzz Mackintosh 

I wonder what will be next. 

 

May 31, 2023 11:38 AM
Ambassador
3,824,607
Anna "Banana" Kruchten
Retired Broker/Owner - Phoenix, AZ
602-380-4886

I briefly saw that yesterday Buzz.

May 31, 2023 09:42 AM
Ambassador
5,407,944
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Yes, I heard about that recently.

May 31, 2023 10:21 AM
Rainmaker
8,856,923
Roy Kelley
Retired - Gaithersburg, MD

Interesting. We use State Farm in Maryland.

May 31, 2023 09:45 AM
Rainer
425,993
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

California has the highest number of claims per house and highest dollar amounts past 4 years of any state. Fire, flood, mudslide, pipe leaks, theft, neighbor disputes are the top ranking claims. Earthquake not covered unless you have special form and we haven't had many claims, knock on wood.  The Fire Marshal and you local fire department rate your location. You are responsible to cut trees and brush 300 from around your property.  State Farm has been throttling certain risk areas for the past 18 months. If you need a referral call me, I do not write insurance but can recommend some great independants. California Fair Plan is your last resort with less coverage and often higher cost. 

May 31, 2023 01:53 PM
Rainmaker
2,859,465
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I did not see it Buzz Mackintosh but I heard it on the radio. Forest fires seem to be the biggest issue if what they reported was accurate.

May 31, 2023 01:01 PM
Rainmaker
1,396,417
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

I didn't see that. 

Jun 01, 2023 08:16 PM
Rainmaker
427,010
Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

After Hurricane Iniki in 1992 it was practically impossible to get a new homeowners policy. (not Hurricane) and I even got my car insurance policy cancelled due to the insurer cancelling their coverage in Hawaii. Then after a few years I heard on the news that Hawaii was the most profitable state for insurance. Well the insurers came back with a vengeance.  LOL

Jun 01, 2023 02:25 PM
Rainmaker
858,003
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I did.  My E & O insurance provider is out of California and when I get my annual quote, he always tells me how outrageous the prices are in CA due to all the law suits. I am not surprised. As litigious as Californians are, I worry that this will spread as they are leaving the state in droves (many to Oregon) keeping that mindset. 

Jun 01, 2023 12:46 PM
Rainmaker
3,431,090
Patricia Feager
Appraisal Review Board, Denton County, TX - Flower Mound, TX
Licensed to April 2027

Buzz Mackintosh - yes. I am not surprised. That is what happened in Chicago zip code 60622. After the rioting, burning of buildings, massive and uncontrollable theft, murder, squatters, etc., insurance companies stopped insuring properties. This happened years ago. 

Jun 01, 2023 10:11 AM
Rainmaker
985,934
Carla Freund
Keller Williams Legacy - Cary, NC
NC Realtor - Senior & Luxury 919-602-8489

Wow! Insurance rates seem to be going up in so many areas. It's making it harder for people to own property at the beach here.

Jun 01, 2023 06:12 AM
Rainmaker
6,126,174
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Heard about it and understand companies are in business to make money not consistently lose it. Remember, insurance is not government work!

Jun 01, 2023 04:28 AM
Ambassador
3,288,243
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

wow.

May 31, 2023 09:45 PM
Ambassador
6,079,344
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I did see that, Buzz and it didn't surprise me one bit.  

May 31, 2023 07:20 PM
Rainmaker
1,184,148
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Yeah Jake from State Farm is changing out of his khakis LOL but these guys are saying since they can't control climate change. Who can?

May 31, 2023 05:42 PM
Rainmaker
637,814
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

It's pretty hard to get fire insurance in the Carmel area.  

May 31, 2023 02:23 PM
Ambassador
3,533,717
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
Southern Utah's Preferred Real Estate Agent.

Had SF for 30 years and changed because an agent refused to give me a rough quote to add our (then) teenage son to our insurance policy. Insurance companies are starting to get particular, especially to people living in outlying areas. They will send out a rep to inspect properties and if they do not pass muster, they are given a warning, When they fail to comply, they are dropped like a hot potato!

Jun 01, 2023 11:03 AM
Rainmaker
6,553,028
Joan Cox, Retired Broker/Owner
Denver, CO
Enjoying Every Day to Its Fullest!

I saw that, and wonder how many will follow.   It could be tough to get insurance if the wildfires continue.  (in CO too)

May 31, 2023 01:42 PM
Ambassador
7,371,912
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Insurance companies like casinos like to work in places where the odds are in their favor.

Jun 01, 2023 05:00 AM
Rainer
506,042
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

I pulled out of California in 2000.  No regrets.

Jun 04, 2023 11:47 AM
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