The real estate market is undergoing significant changes due to rising home insurance premiums, particularly in high-risk natural disaster regions like California. Many homeowners are facing increased rates and a loss of coverage, with over 100,000 Californian homeowners losing insurance from 2019 to 2024. This trend leads to disillusionment among homeowners, as illustrated by the experience of Los Angeles real estate agent Claire O'Connor, who lost her home to a wildfire after being dropped by her insurer, highlighting the challenges of navigating the claims process during disasters.
The insurance process has been horrible. You get a check, and then you have to co-sign it with your bank if you have a mortgage, and it goes into an escrow account.
I literally said to my husband when we got dropped [in November 2024],'As if our house is going to burn down ... so many houses would have to burn to get to our house.'
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