#homeowners-insurance

#homeowners-insurance

The California State Automobile Association, an insurance group affiliated with AAA, has officially filed for a homeowners' insurance rate increase. "It's pretty insane to me that, you know, when it comes to their turn to pay out, they're not doing it as they should be," CSAA Insurance customer Jesse Kramasz said. Kramasz has had an open claim with CSAA since 2020. MORE: State Farm requests another rate hike, 1 week after CA approved the last one "The day after Christmas, actually," she said. "So, we noticed a leak under our sink, which turned into this big old thing, and we just had problem after problem and delays from the insurance company and just haven't been able to get our claim settled."

In addition to consumers, housing industry players are also feeling the strain caused by rising premiums. Affordability is already a challenge for homeowners and insurance is just another catalyst making it more difficult for a lot of consumers to continue making their payments, Toby Wells, the president of Cornerstone Servicing, said. He adds that this, in turn, drives up costs for servicers as they need to provide these consumers with loss mitigation efforts.

When selling a house, your homeowners insurance policy should remain in place until the buyer officially owns your home. Keeping the necessary coverage ensures the property stays protected.

Buying any house is costly, but the cost to buy, rehab and flip a house can be costlier. By definition, house flipping is the practice of buying property as a real estate investment with the intention of holding it for a short period of time, then reselling it for a profit.