Where are new homebuyers going for homeowners insurance? We were about to close on a home, things got super weird with secondary market homeowners quotes and backed out. No one in the primary market seems to be taking new business except farmers, which is considered bad by comparison. Is this a blocker?
Wherever you can get it and pay the least.
Was the house in a fire or flood zone? Tons of people are closing on homes every day as long as it’s Flood Zone X and not in the middle of a dry forest.
It’s in a flood zone, but on the bay so more of a legit risk but maybe 50ft above the water
Insurers are losing a ton of money because there are several “once in a century” disasters every year. Over 1 million acres of forest burned down in Texas a few weeks ago and in Louisiana the drought was so bad, salt water crept into the water supply making a lot of water undrinkable. If I was in the insurance business, I wouldn’t want to give policies to anyone with high natural disaster risk, either, because disasters are exploding beyond past history, and anyone writing those policies would lose a ton of money. I advise everyone on blind — just buy a property with minimum flood risk and minimum fire risk.
Insurance is mandatory req from a lender. If you are paying all cash then it's up to you
Ya, but if it’s $18k/yr through a secondary provider that’s not great.
Enjoy home ownership