Insurance companies in California charing 4 X insurance!

9 Replies

Hi Investors,

I am dealing with a situation where:
1) Insurance companies have quadrupled insurance fees in the last 2 years! For a 4-plex condominium complex, I was paying $144/year per unit in 2019, now I am getting quotes that are $550/year per unit for identical units in same complex.
2) Insurance providers such as State Farm have stopped taking new customers for landlord insurance, and companies such as Travellers have set limits of no more than 10 units per landlord.

Has anyone else faced a similar situation? And if yes, is there a solution here?

Thank you!


Manish, as an independent agent, I'm very familiar with limits set by different companies like you mentioned with Travelers.  With the wildfires in CA, many companies like SF seem to be restricting their exposure which they're doing in TX as well by being "premium priced" to slow the flow of new business.  I don't get anything out of it, but I know a lot of great CA agents that can shop around for you and can point you in their direction if you want someone that's good.

You were getting insurance for $144 per unit, per year? That's only $576 a year on a four-plex? I'm in a small town in Wyoming with one of the lowest crime rates and lowest number of natural disasters in the country and we pay double that. It sounds like your insurer is just catching up.

Todd Payne is an agent with Prosper Insurance in SoCal and can do business statewide - 858-581-2131.

Shane Eastman is in N. Cali and can also do business statewide - 704-402-8887

There are a ton of variables (size, age, quality) but the national average is around $500 per condo.