California's home insurance crisis: Real estate industry adjusts

The noose is ever tightening around homeowners, home buyers and home sellers as California's homeowners’ insurance desert gets ever dryer with cancellations, non-renewals, sellers refusing to sell it and skyrocketing home and auto insurance rates for those who can get it. Despite lowered interest rates, the boom days of California healthy home sales and quick financing seem further and further away.

Without insurance, lenders cannot finance loans. "And now, you can't sell it, let alone that someone else cannot by it," said OriginPoint Home Loan Broker Fif Gabodian.What insurance that can be found is super expensive. "Insurance that should normally or would normally cost $500 a year, the price of insurance comes to $14,000, $15,000, $20,000 if they can get it at all," said Gabodian.

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