Random Politics Stuff Thread...

Chocolate Lab

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Edited same theme but better tweet.

 
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Sheik

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@Plan9Misfit

Your mortgage insurance get bumped way up recently in LA?

My dad just called me today to tell me his went up $245 per month.
 

Plan9Misfit

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@Plan9Misfit

Your mortgage insurance get bumped way up recently in LA?

My dad just called me today to tell me his went up $245 per month.
We don’t have mortgage insurance because we put more than 20% down when we bought the house, so we don’t need to carry it. We have homeowner’s insurance, earthquake insurance, flood insurance, and fire insurance. We got a letter from the fire insurance company out there indicating they need to review the policy when it’s up for renewal based on the increase in property values, but nothing on the homeowner’s or earthquake insurance policies. We expect the fire insurance premiums to skyrocket because companies are canceling policies left and right.

Where does your dad live? What city?
 
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Cotton

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Sheik

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We don’t have mortgage insurance because we put more than 20% down when we bought the house, so we don’t need to carry it. We have homeowner’s insurance, earthquake insurance, flood insurance, and fire insurance. We got a letter from the fire insurance company out there indicating they need to review the policy when it’s up for renewal based on the increase in property values, but nothing on the homeowner’s or earthquake insurance policies. We expect the fire insurance premiums to skyrocket because companies are canceling policies left and right.

Where does your dad live? What city?
He lives in the Fresno area.

It must be homeowners insurance that increased because he put way more than 20% down, too.

I’ll find out.
 

Cowboysrock55

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He lives in the Fresno area.

It must be homeowners insurance that increased because he put way more than 20% down, too.

I’ll find out.
Yeah mortgage insurance is when you put less that 20% down so if you default on the mortgage the insurance can cover a shortfall.

Fire insurance sounds like a pain in the ass. In most of the country you just have one insurance. But even homeowners insurance rates have gone up. Between my office and home I pay more than a grand a month now. Which is probably nothing compared to what you all are paying in California.
 

Sheik

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Yeah mortgage insurance is when you put less that 20% down so if you default on the mortgage the insurance can cover a shortfall.

Fire insurance sounds like a pain in the ass. In most of the country you just have one insurance. But even homeowners insurance rates have gone up. Between my office and home I pay more than a grand a month now. Which is probably nothing compared to what you all are paying in California.
You guys are correct. It’s his homeowners insurance.
 

Plan9Misfit

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Yeah mortgage insurance is when you put less that 20% down so if you default on the mortgage the insurance can cover a shortfall.

Fire insurance sounds like a pain in the ass. In most of the country you just have one insurance. But even homeowners insurance rates have gone up. Between my office and home I pay more than a grand a month now. Which is probably nothing compared to what you all are paying in California.
For my house in Texas, everything is rolled into one policy, but California separates them. It’s a pain in the ass, but it makes sense because not everyone lives in a fire zone, so they don’t always carry higher policy limits.
 

Plan9Misfit

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You guys are correct. It’s his homeowners insurance.
We haven’t received any notification of the premiums going up for the homeowner’s insurance on that property, but we expect the fire insurance premiums to go up because companies are canceling policies left and right and that property is at the base of a mountain a few miles from a major fire zone, so the insurance company rezoned its coverage area to include my neighborhood as part of that fire zone now. Plus, the property has appreciated significantly since we bought it, so our policy wouldn’t cover the loss in the event of a fire.

Even still, from an investment perspective, my wife and I couldn’t be happier, as the house has appreciated a lot since we bought it. Our house in McKinney has appreciated as well, but at a purchase price of $179k in a neighborhood where homes are still being built (10 years later), it will never outpace the property in southern California. We can hardly wait to sell that house in 5-7 years, cash out the massive profit and put it somewhere else. I doubt it’ll be in Texas, though. I’m pushing for the Tampa/St. Petersburg area of Florida.
 
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