Many California homeowners are concerned about their home insurance, and that anxiety ratcheted up when State Farm requested one of its biggest rate increases ever.
What are folks doing in those cases? Where I live you can’t get a mortgage if you don’t have proof of insurance and until your loan to value in hits a certain amount the bank basically manages the policy.
Oh, if you can’t get insurance, most all mortgages have a clause that says the bank can pick a policy (usually a really expensive one) and you are forced into it. Wonderful, isnt it?
Been dealing with this in Florida too. Many times you can’t even find an insurance policy, regardless of price.
What are folks doing in those cases? Where I live you can’t get a mortgage if you don’t have proof of insurance and until your loan to value in hits a certain amount the bank basically manages the policy.
Oh, if you can’t get insurance, most all mortgages have a clause that says the bank can pick a policy (usually a really expensive one) and you are forced into it. Wonderful, isnt it?
Yeah. I understand this, my question was about what happens when no insurance company wants to insure the property?