Real Estate
Home Insurance at $10,000 a Year Shows California Buyers’ Pain
- Higher premiums leave fewer dollars for mortgage payments
- Lenders adapt by working with clients to land coverage
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California’s lofty home prices and scarce inventory already amounted to one of the most nightmarish housing markets in the US. Now, challenges securing and affording home insurance in the wildfire-prone state are making it even worse.
Under the pressure of a looming closing date, prospective buyers are enduring lengthy, complex searches — and a fair amount of sticker shock – for a product that used to be something of an afterthought.