California’s Insurance Crisis Affecting Home Sales

Many have been predicting serious home sales issues in California because of the ongoing insurance crisis. Now the California Association of Realtors has made that prediction official.

Here are some of the survey’s stats — which — the association says are much worse than last year’s:

• 13% of association members say a home sale has fallen through because of an inability to find insurance
• That’s just over twice of last year’s 6.9%
• 31% report there most recent buyers had problems finding insurance ahead of the final sale
• That’s almost double last year’s 16%
• Sadly, 20% of members said their clients ended up having to get insurance from California’s insurer of last resort, the FAIR Plan
• 45% said the main issue with insurance is it being too expensive

Source link: Insurance Journal — https://bit.ly/4efrFpN