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California 2024: the home insurance resources with links

By
Real Estate Agent with Barcode Properties BRE # 01828994

The CA homeowners are finding it increasingly difficult to locate and keep insurance coverage throughout the entire state.  State Farm, Allstate, and MANY others are pausing issuing new policies in CA. Remaining companies still continue to offer coverage in the state, but it is becoming difficult and increasingly costly to insure a home. Here are some resources that can assist you not only to locate, but keep insurance coverage in 2024. 

1. The actionable steps to bring insurance costs down including finding a good insurance agent, bundling auto and home insurance, reducing unnecessary coverage, and raising your deductible.

2. The Wildfire Prepared Program, a voluntary, research-based mitigation and assessment program designed to meaningfully reduce wildfire risk. 

3. The resources available on United Policyholders’ website, including the Wildfire Risk Reduction and Asset Protection (“WRAP”) Initiative, and  Keeping Your Home Protected When Insurance Options are Limited and Expensive.

4. The new Safer from Wildfires regulations to help homeowners and businesses qualify for insurance discounts through mitigation efforts such as home hardening.

5. The California  REALTORS® has partnered with FortressFire to provide Wildfire Disclosure Reports (WFDRs) in California that document the specific vulnerabilities of a home and provide a roadmap for how to protect and insure it, providing more informed and effective real estate transactions. The WFDR uses a patent-pending physics-based model to identify the specific vulnerabilities of a home, the specific fuels that will cause the house to burn, along with cost estimates to eliminate those vulnerabilities and greatly reduce the risk of destruction in the event of wildfire.  These insights and recommended actions put homeowners on the path to insurability and more affordable rates. 

The WFDR includes:

  • Fuel Load Analysis: Assessing the property's vegetation density to understand fire fuel potential.
  • Topographical Insights: Understanding how the terrain may influence fire behavior and spread.
  • Proximity to Fire-Prone Areas: Identifying potential risks based on the property's location.
  • Compliance with State Regulations: Documenting the status for AB 38 inspections and insurance coverage options.
  • Mitigation Recommendations and Costs: Offering personalized strategies to mitigate vulnerabilities and enhance insurability.

6. The California FAIR Plan provides fire insurance coverage as a last resort option to those having difficulty securing a policy elsewhere. 

*Epilog. As many other CA homeowners I received a letter from my insurance company that they will not renew my policy. I paid them promptly for 9 years and never had any claims.  I had to jump into a rabbit hole of California insurance crisis. Finding and keeping the homeowners insurance is laborious. I'm still in the process of finding one for myself along with some of my buyers who posed their home buying process due the unjustifiable cost in quotes they received. 

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This Active Rain post is created by Inna Ivchenko.

Thank you so much for checking my blog,  likes and comments! 

                                               

Inna Ivchenko

RealtorⓇ, Cal DRE # 01828994, GRI, PSC, HAFA 

Barcode Properties at Calabasas & Beverly Hills

Reasons to HIRE ME: 

  1. Your local friendly Realtor® since 2007 providing great loyal service and truthful guidance personally or remotely. 
  2. Ready to assist you with a Purchase, Sale & ReSale, Trust Sale, Rentals, 1031 exchange, etc. both residential and commercial properties.
  3. Devoted to help first time buyers, sellers, and investors. 
  4. Experienced in distressed sales, foreclosures, auctions, probates.
  5. Standing up as GRI NAR designated (Graduate of Realtors Institute)
  6. Passionate Sustainable technologies focused. 
  7. PSC (Pre-foreclosure Specialist Certification) & Certified HAFA Specialist 
  8. Short Sale Negotiator.
  9. Languages: English,Ukrainian,  Russian, 
  10. Active online presence: IG: 9,000 followers, Twitter: 13k followers, LI almost 8,000 connections, also pages on FB, Yelp, Pinterest, Zillow, Trulia, etc. 

For all your real estate needs please call/text  310-867-0698

or

email  Inna@barcodeproperties.com. 

Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Update 2/34 via multiple online sources: ''State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, nine months after announcing it wouldn't issue new home policies in the state''

Apr 14, 2024 05:07 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Q: do I have to purchase a home insurance in CA?

A: While there is no state-level law requiring homeowners to have fire insurance, most mortgage lenders do require it as a condition of the loan. So if you have a mortgage on your house, it's safe to assume that fire insurance is mandatory.

 

Apr 14, 2024 05:14 PM
John Pusa
Glendale, CA

Hello Inna Ivchenko home insurance coverage becoming challenging to obtain for some homeowners in California.

Apr 14, 2024 08:44 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Apr 15, 2024 04:34 AM
Gloria Todor
Premier Property Sales & Rentals - Springfield, PA
& Doug Durren (484) 431-3686 in SE PA

Inna, I have been hearing about the insurance troubles in California and Florida as well.  So hard, and so expensive if you do get coverage.  Good post.

May 15, 2024 10:06 AM