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Homeowners Insurance Ouch

Jul 25, 2019   //   by wvanbusk   //   Redwood Victorian  //  Comments Off on Homeowners Insurance Ouch

Our insurance broker never got back to us on getting insurance. A local insurance company recommended by the real estate agent got back to us in a week and said that none of their insurance providers wanted to insure it and would keep trying, but we did not hear again. So we called an insurance company out of the local directory and they found a company that would insure us, but the coverage is inadequate and costly. They will only pay market value, not replacement value. I can’t imagine what it would be like if the electric and plumbing had not already been upgraded.

fieldbrook fire powerline

Powerline fire in Fieldbrook caused by single car crash.

The annual premium is over 4 times what we paid on the 18 year old residential property we sold to acquire this home. This article on OldHouseWeb mentions a 20% higher premium, maybe that is out of date? I believe California insurance cost is now about 250% higher than Oregon. It seems that it was the wildfires in the inland areas that jacked up the base price statewide. My sister on the Sonoma coast says they tried shopping around for polices after their premium was jacked up this year (2018), but had no luck finding a better deal. I suppose helping pay for the billions in fire losses through insurance and perhaps electric rates goes with the territory. I wish the insurance company would figure out which coastal areas do not have a high wildfire risk, but given the changing climate, it may be difficult. I would think that being in a city with a fire hydrant across the street should be very helpful.

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