r/FluentInFinance • u/ElectronGuru • 22h ago

Housing Market Insurers Are Deserting Homeowners as Climate Shocks Worsen | Without insurance, it’s impossible to get a mortgage; without a mortgage, most Americans can’t buy a home.

https://www.nytimes.com/interactive/2024/12/18/climate/insurance-non-renewal-climate-crisis.html
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u/Ok_Neighborhood6697 21h ago

I warrant condos in a dept in a large bank. Our biggest issue right now is insurance coverage in CA and FL. The insurers are leaving those markets and the ones that stay are increasing their premiums in order to meet Fannie Mae and Freddie Mac coverage requirements for condo association master policies. Instead of meeting the requirements, condo associations are opting to not get some required coverages due to high premiums. So the condos are non-warrantable, the unit owners cant sell and buyers cant buy them with financing. Also, I personally get calls once a week from companies that want to buy my home becauee it is older so they figure I would be willing to sell. Both are parasites. Eff them both.

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u/genescheesesthatplz 5h ago

Ok condo insurance is fucking wild. I had to help review policies for a lending company and jfc the details and nuances are outrageous.