California E&S Insurance

The increase is insane. It's a 13-fold increase in cost, but for 1/5th the coverage. >The result: Canyon Park Villas annual insurance bill went from $47,000 for $50 million in coverage under Farmers to $600,000 for $10 million in coverage from Lloyds of London and Axis — **a 13-fold increase**. > >To pay for the insurance hike, the HOA enacted a $2,500 emergency special assessment in October on condo owners. > >“I was able to pay it,” said Mooromsky, who is retired and has lived in Canyon Park Villas for more than two decades. “But it doesn’t take a rocket scientist to know we are going to have another special assessment when next year’s bill comes due.” > >While not ubiquitous, there are a growing number of condo homeowners associations across California facing similar insurance premium shocks from wildfire exposure, with affordable replacement coverage often unavailable in the state-sanctioned marketplace, according to insurance brokers and HOA legal experts.

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