A Homebuyer In Escrow On A $720K House Just Discovered The Insurance Is ‘Astronomical.’ Realtor Claimed Earlier That It Wouldn’t Be An Issue

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California housing buyers believed that they were on their way to closing a property of $ 720,000 in a semi -rural area. But after entering the guarantee, they were beaten with a surprise: the insurance quote was between $ 14,000 and 17,000 dollars per year.

Jupiter, who participated in his story on Reddit, said that they asked about the insurance early in this process, but they were told not to worry. “My broker claimed it would not be a problem,” the person wrote. “The lesson learned, it takes 10 minutes to run some quotes on the house before offering an offer.”

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The two quotations received by Flacima, and 14,000 dollars annually with a discount of $ 20,000, or $ 17,000 annually for a discount of $ 2,500. The only option available is a fair access plan in California to insurance requirements, which many home owners in high -risk areas are forced to rely on them due to the lack of private companies.

House owners in California and industry professionals in the thread pointed to the risks of increasing forest fires, organizational delay, and insurance companies that come out of the state as major reasons for high installments.

One of them wrote: “The semi -rural California = firefighting state.” Another said, “The farmers [Insurance] Here for 32 years without one claim. It was canceled. “

Insurance officer waives: “This is the accurate problem. Florida has the same problem in the opposite direction where everyone represents the danger of storms. But because everyone only gets and takes anything and does not deserve risk.”

Others have criticized the California organizations for a ban or delay in using disaster models that would allow insurance companies to risk prices more accurately. One commentator wrote: “The danger is now so great that it cannot be secured,” one of the commentators wrote.

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Comments were also criticizing the role of real estate agents. “Stop trusting your real estate broker,” said one person. “Their final goal is to get salaries quickly and move forward.”

Another warning, “Do not use your broker broker. In the last two councils I bought, I convinced me who are different real estate owners to contact their engineer, inspector, and engineer … All of these people gave the broker the broker and I have never amazed my interest.”

One of the two mediators in California advised buyers to exercise a condition of insurance emergency in contracts. Others added that in many cases, it can simply lead to more than five miles from a fire station or a non -faucet in a place close to astronomical installments or explicit denial.

The fair plan also does not provide comprehensive coverage. “OP does not even realize that [it] It is just partially insurance for him or her. One user wrote, “They will need additional policies to cover the gaps.”

Another said that their friend had to give up buying the house in California as soon as she realized that she could not bear the cost of insurance: “Two years after submitting the offers, a friend finally got an offer. She had to back down from the deal when she realized that she would not be able to withstand insurance costs.”

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For many, this is now an essential part of the purchase. One of them said, “Literally, every time we were looking at a tour of a house, I will send an email to my insurance agent for a quick price offer.”

Other states such as Florida, Louisiana and Colorado face similar problems. Some say they have moved from $ 9,000 to $ 15,000 annually to homes with simple risk factors.

Puritors all over the country urge to do their due care. This means obtaining insurance quotes early, asked the sellers who use them, and avoid agents who reduce risks.

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This article is the housing buyer in the guarantee at a house of $ 720,000 that the insurance is “astronomer”. The broker claimed earlier that he would not be a problem originally on Benzinga.com

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2025-06-07 16:31:00

0 4 minutes read