"In San Francisco, a teardown is a million dollars. You used to get a property for $500,000, and it wouldn't have required it on a property of that value."
"What we're seeing, more houses are having major leaks, many problems in walls, behind toilets, in showers etc. And they're not seeing them in time until there is damage to the structure."
"This building actually had a flood from a valve that failed in the first floor and the water wasn't shut off for a couple of days. The owners were away and so at least over $100,000 worth of damage."
Homeowners in the Bay Area are experiencing rising insurance premiums alongside demands for costly upgrades to maintain coverage. Insurers are requiring safety measures like gas shutoff valves as rebuilding costs increase due to higher labor and material prices. Properties now considered 'high value' may face stricter requirements. Local building codes also influence these demands, with earthquake sensors and water shutoff valves becoming common requirements. Insurers are particularly focused on preventing water damage, which can lead to significant financial losses if not addressed promptly.
Read at ABC7 San Francisco
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