Insurance companies in California charing 4 X insurance!

[Manish Mishra]

Hi Investors,

I am dealing with a situation where:
1) Insurance companies have quadrupled insurance fees in the last 2 years! For a 4-plex condominium complex, I was paying $144/year per unit in 2019, now I am getting quotes that are $550/year per unit for identical units in same complex.
2) Insurance providers such as State Farm have stopped taking new customers for landlord insurance, and companies such as Travellers have set limits of no more than 10 units per landlord.

Has anyone else faced a similar situation? And if yes, is there a solution here?

Thank you!

MM

[Nathan Gesner]

There are a ton of variables (size, age, quality) but the national average is around $500 per condo.