It’s no surprise that climate change is causing a big increase in natural disasters. In California, that means an unparalleled number of wildfires, floods, and droughts. One study showed a 25% increase in wildfire risk in recent years due to climate change. These events, coupled with population increases in high-risk wildfire areas, inflation, and the high cost of building materials, have led to record losses for insurance carriers in California. METRIC
CRESTLINE CA – Homeowners from the mountain town of Crestline in California are facing substantial increases in their monthly payments due to rising insurance costs, according to recent discussions on social media.
Christopher Zetina, a top contributor on Facebook, shared his experience of a $500 increase in his mortgage payment from last month to this month, attributing the rise to insurance costs. “It’s honestly sad this state is draining the working people,” Zetina lamented, sparking a conversation among homeowners grappling with similar issues.
Katy Curtis clarified that the increase is not technically in mortgage rates but rather in insurance and taxes, which can cause the overall monthly payment to rise if bundled together. Curtis advised homeowners to consult their lenders for clarity.
Several users echoed Zetina’s concerns. Marisela Ortiz expressed frustration over a $2,300 escrow shortage that led to an increase in her payments. Daniel Richard Bittner confirmed that home insurance and the California FAIR Plan are driving up costs for many, while Jon Garneau noted that his FAIR Plan insurance is set to rise by almost $400 this year, exceeding $1,900 annually.
Other contributors suggested solutions such as shopping around for better rates, adjusting deductibles, or removing insurance from escrow and paying it separately. However, some, like Melanie Gilmore Patterson, speculated that the state might be using these hikes as a way to meet union demands, though this remains unconfirmed.
The discussions highlight a growing frustration among California homeowners as they navigate escalating costs and seek ways to manage their finances amid rising insurance premiums.
