- This topic has 8 replies, 6 voices, and was last updated 2 months, 2 weeks ago by
gzz.
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January 5, 2023 at 11:49 AM #23255
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January 5, 2023 at 12:46 PM #827226
bewildering
ParticipantThey pay $375 now. The $2500 extra spread over 12 months is an extra $208. So next year they will pay around $600 per month in HOA. That feels high but i don’t know how much other places charge.
They are situated right beside Penasquitos Canyon, which to my mind will one day get hit pretty badly by a fire.
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January 5, 2023 at 1:40 PM #827227
svelte
ParticipantExcept that extra $208 a month only buys them 1/5 of the insurance they had before. So either they were over-insuring before or they are under-insuring now.
Multiply that 208 by 5 and the number gets ugly fast.
Hopefully $50M in insurance won’t cost them 5 times what $10M costs.
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January 6, 2023 at 9:36 AM #827235
Coronita
Participant.
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January 6, 2023 at 5:35 PM #827239
scaredyclassic
ParticipantProbably wouldn’t affect downtown condos?
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January 6, 2023 at 11:19 PM #827240
The-Shoveler
ParticipantI think all insurance costs have gone up considerably.
From my experience anyway. -
January 7, 2023 at 8:42 AM #827241
svelte
Participant[quote=The-Shoveler]I think all insurance costs have gone up considerably.
From my experience anyway.[/quote]If your insurance went up almost 1300% like that condo association saw, I feel sorry for you!
I just checked – my homeowners insurance went up 15% in August.
My auto insurance went up 9%.
I’ll take that over 1300% any day!
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January 7, 2023 at 10:07 AM #827242
gzz
ParticipantMy OB rentals all have very cheap insurance. E.g. ~800 a year on a 2000sf wood SFH.
Going from 50k to 500k of car insurance only increases the cost by about double, not 10-fold.
A RP condo might be worth 900k but have replacement cost of 300k with the other 600k the land value and development right.
So I think the 50m was cheap excess insurance which they decided to drop in the context of a drastic increase in the meat of the policy, which is replacement value in a fire.
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January 6, 2023 at 9:27 AM #827234
Coronita
ParticipantInsurance in general has gone up because underwriters are pulling out of CA. A lot of SFH in fire zones are not getting renewal notices and those folks are finding it problematic to get another carrier to insure them.
In general , Allstate doubled my rental and primary insurance, so I went to Costco who subcontracts it to Foremost( a Farmers subsidiary) that basically gave me a rate similar to Allstate before they jacked it up.
for my primary, my insurance broker found me a policy with American Modern for much less
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