Navigating Homeowners Insurance in California | Value Bomb 12

I hope this message finds you well. In our ongoing effort to bring you the most relevant and impactful insights in the real estate market, this week's value bomb focuses on a critical aspect for both sellers and buyers in California: homeowners insurance.
Given the current climate, many insurance carriers are reassessing their involvement in California, with a notable number opting to withdraw. Those remaining have become increasingly selective about whom they choose to insure. This situation poses unique challenges and opportunities for real estate professionals like us.
For Sellers: It's imperative to understand the history of the property you're listing. Any previous claims can significantly impact the insurability of a home for future buyers. Being proactive in disclosing and addressing these concerns can prevent potential roadblocks during the sale process.
For Buyers in the Foothills: The variability of insurance costs can be stark, even within the same neighborhood. Encourage your clients to diligently shop for homeowners insurance. This due diligence can lead to significant savings and ensure they receive the best coverage for their new home.
Regarding the California FAIR Plan: Acquiring insurance through this plan can be a lengthy process, sometimes taking weeks. It's crucial to advise buyers-or their agents-to initiate this process as early as possible. Delays in securing insurance can inadvertently delay the closing process.
For Buyers in Natomas: Be aware that flood insurance rates have risen. New buyers are now required to pay the first year's premium upfront. This additional cost is something buyers need to plan for as they budget for their home purchase.
Your ability to navigate these complexities not only enhances your professionalism but also sets you apart as a true expert in your field. By guiding your clients through these insurance challenges, you're ensuring smoother transactions and fostering trust and reliability.
Let's continue to lead with expertise and empathy, making every real estate journey as seamless and informed as possible.
Connect with us:
CHRIS KENNEDY // Senior Loan Officer
O: [phone] | M: [phone]
linktr.ee/chri...
Instagram: @thechriskennedyteam
NMLS# 971546; 356310 | DRE# 01326779; 01759672