California E&S Insurance

My response to the California homeowner's insurance crisis I realize this post is specific to California but I think, if global warming is real, the problem will spread to other states. In the past two years my homeowner's insurance rate has increased 130%. I am one of the lucky people that still has insurance. I know many people who had their policies canceled and are struggling to get a policy for less than $1,000 a month. There are many insurance companies that just decided to no longer offer homeowner's insurance in the state. The policy cancellations got me thinking about the mortgage companies and their response to borrowers who lose their insurance. I have heard mortgage companies will buy a policy, at any cost, and charge the borrower for the policy. The practice of lenders buying policies made me start wondering: Why are home buyers 100% responsible for insuring a property they do not own? With mortgage amortization schedules it take a significant amount of time before the borrower's monthly payment is applied towards the principle. I think it is more realistic for lenders to cover a percentage of the insurance that follows the amortization schedule. I think this is a fair way to address the hyper-inflation of insurance rates in California.

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