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What’s California Going To Do About Future Wildfire Insurance
As wildfires wreak havoc in California, the state’s insurance commissioner on Sept. 16, 2020, announced potential steps to help homeowners afford and keep insurance amid California’s growing wildfire risk. “With climate change fueling California’s devastating fires, I am taking action to bring down the risk of losing your home in a wildfire and losing your…
Read MoreFire Insurance Regs Hurt California Homeowners
For hundreds of thousands of California homeowners, access to quality wildfire insurance has never been more important. Already, more than 8,100 structures in California have burned, and the fire season isn’t over. So why, when demand for coverage is at an all-time high, have so many homeowners lost their fire insurance? The answer lies in the unintended consequences…
Read MoreZip Codes Covered by Mandatory One Year Moratorium on Non-Renewals
Insurance Commissioner Ricardo Lara issued a mandatory one-year moratorium on insurance companies non-renewing policyholders — protecting at least 1 million homes in wildfire disaster areas in Northern and Southern California. The commissioner’s action is the result of Senate Bill 824 — authored in 2018 by Lara while serving as state senator — in order to…
Read MoreDoes homeowners insurance cover wildfire damage?
Homeowners insurance typically protects your property from fire damage, but you may have a difficult time getting coverage if your home is in a fire-prone area. A standard homeowners insurance policy includes coverage for your home and personal property from fire and smoke damage. But as wildfires become bigger and more common in residential areas of California and…
Read MoreCalifornia protects homeowners from having fire insurance dropped — again
As this year’s historic wildfire season winds down, Californians living in fire-prone territory got temporary relief from another threat: they can’t lose their homeowners’ insurance policies for another year. Premiums and nonrenewal rates have skyrocketed in California’s fire-prone regions since 2015 as companies are loath to pay for damages wreaked by the state’s increasingly devastating…
Read MoreMany Californians Being Left Without Homeowners Insurance Due to Wildfire Risk
Acquiring home insurance has long been a mundane but necessary chore. In California, for hundreds of thousands of residents, it’s turned into a labyrinthine quest that leaves people with expensive, bare-bones coverage. That’s because an increasing amount of Californians have been dropped by their regular insurers after years of devastating wildfires that cost billions of…
Read MoreIN: Many Californians Being Left Without Homeowners Insurance
Dear Valued Customer, Many Californians are being left without homeowners insurance due to wildfire risk. While Homeowners insurance typically protects your property from fire damage, you may have a difficult time getting coverage if your home is in a fire-prone area. This issue of “———” points out that as wildfires become bigger and more common…
Read MoreSpotlight on Flood insurance
Overview Flooding is the most common and costly natural disaster in the United States, causing billions in economic losses each year. According to the National Flood Insurance Program (NFIP), 90 percent of all natural disasters in the United States involve flooding. There is no coverage for flooding in standard homeowners or renters policies or in…
Read MoreBefore, During & After A Flood
Flooding is a temporary overflow of water onto land that is normally dry. Floods are the most common natural disaster in the United States. Failing to evacuate flooded areas or entering flood waters can lead to injury or death. Floods may: Result from rain, snow, coastal storms, storm surges and overflows of dams and other water…
Read MoreWho’s required to have flood insurance?
Whether you live inside or outside of the high-risk flood area, if you own property you should consider purchasing flood insurance for the protection and peace of mind it brings. However, many property owners, particularly those in high-risk flood areas, may be required to have flood insurance. Do you have a mortgage? Homes and businesses in high-risk flood areas with…
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