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Old 10-04-2008, 01:20 AM
 
27,801 posts, read 58,622,674 times
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I received a non-renewal letter from my Insurance Company of 25 years stating they will no longer write Home Owner's policies for less than 500K.

In one move the company basically eliminated the possibility of providing Insurance to entire regions of California for all but the most expensive neighborhoods.

A property's value is the sum of the land plus improvements and only improvements are insurable. So even a 700k home might not qualify if the land is valued at more than 200k.

The message seems to be only wealthy customers need apply... strangely reminiscent of what was called Redlining back in the 80's.
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Old 10-04-2008, 05:59 AM
 
Location: Stewartsville, NJ
7,577 posts, read 21,416,621 times
Reputation: 1254
Quote:
Originally Posted by Ultrarunner View Post
I received a non-renewal letter from my Insurance Company of 25 years stating they will no longer write Home Owner's policies for less than 500K.

In one move the company basically eliminated the possibility of providing Insurance to entire regions of California for all but the most expensive neighborhoods.

A property's value is the sum of the land plus improvements and only improvements are insurable. So even a 700k home might not qualify if the land is valued at more than 200k.

The message seems to be only wealthy customers need apply... strangely reminiscent of what was called Redlining back in the 80's.
Wouldn't hapen to be Chubb would it? They seem to be the ins. co. for the wealthy : )
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