Where is fire insurance headed
Just wondering if any insurance professionals are on the list and have some insight about what the future might hold for fire insurance. I know the state moratorium on cancelling policies is expiring at the end of the year. We are looking at buying a home in the urban - open space/ forestlands boundary in Marin and trying to gauge the risk to being able to obtain and afford fire insurance down the road. Thanks
Oct 23, 2020
Parent Replies
Without knowing the fire line score of the property you are looking at, it is difficult to make a reliable estimate of whether fire insurance will be available for a reasonable cost.
I would recommend that you or your realtor get a binding quote in advance of closing. The cost of fire insurance is likely to increase and it could be a significant increase. There is always insurance available from the California FAIR plan. There is a lot of information on the CA Department of Insurance website (www.insurance.CA.gov).
I hope this helps.