Survey Shows California’s Insurance Crisis Is Impacting Home Sales
Realtors in California are reporting more difficulty selling homes because of the insurance crisis, according to a survey from the California Association of Realtors.
The group surveyed its members and found 13% reported a home sale falling out of escrow due to a buyer’s inability to find insurance, more than double the figure (6.9%) in last year’s survey.
Related: Climate Change and Rising US Insurance Rates
Nearly one-third (31%) of agents surveyed said their most recent buyers had difficulty getting insurance when trying to purchase a home, nearly double 2023’s 16%.
And roughly one-in-five respondents said their clients ended up buying insurance from the FAIR Plan.
Related: California Commissioner Moves to Implement Rate Review Reforms
Nearly half (45%) of buyers told their agents insurance was too expensive, the survey shows.
- Florida Citizens’ Brass Tired of ‘Clickbait’ News on its Hurricane Claims Denials
- Gunmaker Sig Sauer Must Pay $11 Million Over Pistol That Fired Accidentally
- Blacks and Hispanics Pay More for Auto Insurance. Study Tries to Answer Why.
- Miami Insurance Agent Pleads Guilty to Keeping $6M in Premium Finance Loans