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Now Homeowner Insurance is Part of the Problem
invite response
2013 Apr 17, 7:40am 1,679 views 4 comments
Comments 1 - 4 of 4 Search these comments
retire59,
Do you have to live in CA.? How much house do you need to store(too much) stuff? Is your next home an ego trip to impress others?
How many can let go of material crap & enjoy life?
Tenpoundbass
2015 Sep 30, 4:39pm
After writing that I am going to just start paying my principal on my house.
I am going to pay this off in 3 to 4 years.
The bank nor the insurance company will get another dime from me. And when the rent seekers come trying to muscle my house for entitlement domain, they can pay me millions.
Because they aren't going to forced insurance price me out.
Tenpoundbass
2015 Oct 1, 9:22am
Tenpound - this should calm you down a bit. Citizens Property Insurance aims to be more consumer-friendly in shedding policies.
It doesn't count if you've already been dumped, and the other ins companies are doing the business model that Citizen invented and approved, and the Flroida Insurance Commisioner scornfully defends when you call and challenge it. That model is raise the premiums until they sell.
If theres an "insurance" for it, you can be sure youre being ripped off.
I guess it depends what your definition of insrance is
Well, my husband and I just returned from looking for a retirement home for over the last 3 months. One thing we discovered as "newbies" to buying a home is that homeowner's insurance is also an issue.
In California, some of us retirees would like to live in the more rural, quiet areas. Well initially talking with both the Realtor and the Mortgage Broker, we were quoted for our budget that insurance would be about $75/month. Well; since now Insurance companies can change their premiums anytime for new homeowners and the renewal period for current homeowners, some of these homes that were once easily insured are now being classified as 'uninsurable' due to new Fire Line Ratings that were approved to be used starting 2013.
And you do not find the cost of your premium out until you start to get into escrow; and perhaps losing money on some inspections (as we did; fortunately only $100). They are now more than doubling the rates for current homeowners; yes from $750/year to $1550/year and higher!
And they can change it during Escrow legally; sometimes the very last week when you are closing. One realtor told me that happened to his Client and of course, could not afford over $2500/year in insurance and lost his inspections fees as he had to pull out in the last week.
One woman in Maryland saw her rates go from $750/year to over $3000 a year! So besides property taxes and maintenance issues, you can now include Insurance rates as part of another reason to do your 'homework' prior to purchasing a home and why you always need to be dubious of this Real Estate market!
We are now using our Insurance Agent to give us Fire Line Quotes prior to viewing, so we know that if we get anything higher than a 3, it cannot be insured by the insurer and we will need to go to an outside broker. Average rate for $250K home; $1000 deductible for a rating of 6 is $1800/year.
I can't thank all of you on patrick.net and Patrick, enough for keeping us "smart" so when we retire, we are at least aware of what costs we will have to deal with. It still beats renting as we have for over 30 years and way too many costs issues with rents being doubled etc for a fixed income couple in the future.
Does anyone out there know how we can search for the Fire Line Rating on line so I don't have to ask my Insurer?
Thanks all!
#housing