Anguished homeowners struggle to keep their insurance..California [View all]

[Demovictory9]

.Anguished homeowners struggle to keep their insurance

“Could we lose everything?” one under-insured resident wondered as a trio of blazes roared across Southern California

Kerry McCalmont’s insurance company told her to cut down the majestic oak tree towering over her Glendale house if she wants to renew her homeowner’s policy.

But there’s a catch. A city ordinance declares that indigenous trees are “natural aesthetic resources” that add “distinction and character” to its neighborhoods. They cannot be damaged or destroyed.

McCalmont spent $3,200 to remove bushes and trim her trees, clearing the limbs within 10 feet of her roof. The fire department inspected and said the tree wasn’t a hazard, she said.

To no avail. On Tuesday, Sept. 17, the insurance company informed McCalmont it won’t renew her policy.

____

In nearby Laguna Hills, the Laguna Village townhome community has been severely under-insured since its carrier cut coverage to just $5 million in 2022, down from $251 million. At the same time, the premium more than doubled to $883,000 despite the 98% coverage reduction.

“No insurance company or no group of insurance companies would sell us that amount of insurance, even if we had the money,” Laguna Village General Manager George Ross said. This year, the community’s coverage was increased, but only to $35 million — about a tenth of its total value.

Without adequate insurance, lenders won’t provide loans, making it difficult to refinance mortgages or sell.

“I get called by every buyer, every seller, every lender, every agent because it’s a common problem everyone want’s to overcome,” Ross said.

https://www.ocregister.com/2024/09/22/anguished-homeowners-struggle-to-keep-their-insurance/?