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For now, though, condo prices are still holding up on a national level. Even as more inventory hits the market, average sale prices rose 3.9% through the middle of last year.
State Farm asks for approval to increase California home insurance rates by an average of 22% ... a 15% hike for condo owners and 38% for renters. ... $2,000 and we don't have that money right now
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
For example, if someone’s insurance covers $100,000 for a property, the insurance company might cover another $20,000 — or 20% — in additional living expenses, Collins said.
State Farm Insurance, the largest insurance company in California, is asking regulators for the OK to raise property insurance rates by 22 percent just weeks after fires ripped through Los Angeles ...
Many insurers still believe it’s possible to do business in the state, at the right price, said David Russell, a professor of insurance and finance at California State University, Northridge.
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