California E&S Insurance

Don’t look now cause insurance rates just got even higher. https://www.sfchronicle.com/california/article/insurance-increase-csaa-mercury-21291123.php? We’ve had a lot of buyers comment (rightfully) on how expensive wildfire insurance already is, and it’s about to get worse. Two of the bigger California home insurance companies are increasing their rates. CSAA is raising premiums starting in March with an average 6.9% increase on homeowners policies, and Mercury is set to bump theirs by about 8.2% starting in July. This hits existing policyholders too. The new rates kick in at your next renewal after those dates, so the increases roll through everyone over the next 12 months. For Los Angeles buyers, that’s yet another unavoidable cost making homes even less affordable, especially in high-risk areas where people are already paying $10k+ a year just to keep coverage. Because of course, there’s always some new “update” that finds a way to make owning here more expensive.

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