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premiums rising nationwide as people drive more miles, drive less safely and wreck increasingly expensive cars.
I once had my homeowners insurance rates take a major YOY jump. My agent was surprisingly honest when he said that State Farm invests much of their money in stocks, and when the market is down they have to raise rates.
California’s insurance crisis became very real this spring for Duncan Brown, president of the homeowners association for an apartment complex in downtown San Jose.
Farmers Insurance had provided the HOA’s insurance for years. But in March, the company abruptly said it would not renew the policy as part of its pullback from the state.
An insurance broker searched for a new provider but faced rejection after rejection. The complex ultimately landed with an insurer that’s not regulated by California and an annual premium that increased from $93,997 to $503,462, with less coverage.
“We were just horrified at the size of the increase,” Brown said. “It was just unbelievable — we expected two or three times more, but not five.”
Faced with paying upfront, the HOA had to borrow from its reserves. Now the association plans to charge unit owners about $2,000 each to account for the increase.
State Farm just put in a regulatory request to raise their multifamily coverage premiums by 50%. 30% for single family.
patrick.net
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