I have blogged a few times now about California’s Homeowner’s Insurance Debacle.
TLDR: A lot of insurers exited the CA market, and it is now much more difficult to find homeowner’s insurance.
As a result, we are now seeing escrows delayed because we are not getting proof of insurance in time (a necessity before lenders can draw loan documents).
We recommend several brokers who still provide hazard insurance, and they are listed below.
But, our main piece of advice is for borrowers to shop for hazard insurance as soon as possible to avoid escrow delays!
Buyers should start shopping for insurance as soon they get into contract, and agents should remind them to do so if they want to close on time.
Here are some insurance brokers we recommend who still provide hazard insurance.
- Abdullah Al-Hadeethi; Goosehead Insurance; Agency Owner; (573) 592-9665; [email protected]
- Antonio Banuelos-Cruz; Banuelos Insurance Solutions (Farmers); (925) 258-1010; [email protected]
- Kevin Hennessy; Farmers Insurance; (925) 944-3588; [email protected]
ONE MORE REMINDER: Please make sure borrowers watch for points and hidden fees.
We are still seeing borrowers fall for rate quotes with hidden points and fees.
Some of the credit unions that are no longer competitive with their rates seem to be particularly adept at these misleading quotes.
Our advice is to have us help buyers carefully compare Loan Estimates.
Founder | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167