Real Estate Prices Will Fall Because of Home Insurance Issues!!!
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- Опубликовано: 10 фев 2025
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This is why I do annual reviews on all of my properties with my insurance agent. We go over cost increases, rebuild costs, etc..
Very Smart Man
Mike, thanks so much for keep bringing Darren back. The out of control high cost of insurance make it almost impossible to cash flow.
I appreciate the sharing information.
We appreciate that!!
You should interview this guest on important exclusoins to know about for landlords and their options regarding them, incluidng (1) habitability exclusions, (2) animals and pests exclusions, and (3) continuous and progressive exclusions.
Good idea
Fixer-uppers in my mostly uninsurable area of San Diego are $1.4M+ and $2.1M+ for crappy flips. $2.4M seems to be the wishing price for most sellers. Subtract $1M for how much these homes sold for pre-COVID.
Wow
Made an offer and then found out the condo complex had no insurance and the lender said "NO"
Wow!! Ouch
They aren't underinsured
Insurance companies just don't want to pay out.
Ok
I see people canceling their purchase contracts because of insurance
Me too
This is exactly what I told my mentor when I first got my license in Florida of February 2023. I'm going to expect cash sales to increase into the future and at lower values but in resale, not new construction. You can get a yearly policy for under $1,000 a year and with flood. I'm interested to see how comps works this out.
Nice
Well, In CA there’s a moratorium from Carriers on binding policies altogether… this is likely why deals are falling out of escrow… We have one carrier that is writing business right.
Wow
We see Michigan prices going up for this exact reason
Wow
I just go cancelled in the Bay Area in California.
Sorry to hear that. Do you have a feeling of why they did that?
yes. I live within 1.5 miles of a mountain. I forget the name of the zone they call that. It’s like WAWA or something. But anyone living close to mountains in urban areas is getting cancelled.
Wow!!