Realtors in California are reporting more difficulty selling homes because of the insurance crisis, according to a survey from the California Association of Realtors.
The group surveyed its members and found 13% reported a home sale falling out of escrow due to a buyer’s inability to find insurance, more than double the figure (6.9%) in last year’s survey.
Related: Climate Change and Rising US Insurance Rates
Nearly one-third (31%) of agents surveyed said their most recent buyers had difficulty getting insurance when trying to purchase a home, nearly double 2023’s 16%.
And roughly one-in-five respondents said their clients ended up buying insurance from the FAIR Plan.
Related: California Commissioner Moves to Implement Rate Review Reforms
Nearly half (45%) of buyers told their agents insurance was too expensive, the survey shows.
Topics Trends California
Was this article valuable?
Here are more articles you may enjoy.
Why El Niño’s Promise of Quieter Hurricane Season May Not Be Good News for Insurers 
CBIZ Brokerage to Be Spun Off, Backed by Private Equity, After $5B Grant Thornton Deal 
After 55 Years in Florida Insurance, Tom Lynch Reflects on Agencies, Changes Needed 
Cost of a Data Breach Reaches Record $5 Million on Average 
