I got a new insurance policy at a higher rate.

There was a report that State Farm cancelled 70K+ California policies eary in 2024 and 70% of their policies in Pacific Palisades.

Seems like a very strict penalty if this is not followed through.The CTA provides that willfully reporting or attempting to report false or fraudulent beneficial ownership, or willfully failing to report or make updates to the reported data shall be punished with a civil penalty of up to $500/day while the violation continues (up to $10,000) and a criminal penalty of up to two years in prison. 

How would an umbrella policy protect against a security deposit related claim?

Generally, the coverage of the policy will state; “The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured after acquisition of the Title by an Insured or after conveyance by an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.”

Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured. 

Those policies that weren’t forced on the plan of last resort, the state run California ‘Fair’ Plan are significantly underinsured.

@Daron Williams before you try and sell your lot you need to know that you may have to wait 2 years before getting a title policy. 

Hey Robyn,In NYC, there's no strict requirement to have a bathtub in residential units.

its cheap  compared to what you get I found a strict foreclosure in Oregon that their site was on the only one tracking it and we made over 300k on that one deal.