KQED on FAIR , WIldfires, and Insurance Cancellations
A really great podcast / article is now available on KQED:
If you live in or near a wildfire area you probably should take the time to both read and listen to this podcast and article. "Forum talks about what wildfires are costing California homeowners and businesses, and what policymakers are doing to keep Californians affordably insured."
The article highlights the California the option known as the FAIR plan. The podcast does a good job and the FAIR plan is far more complex than any podcast can fully review.
While it is true that nonrenewals are going up, the entire story is pretty complex. Nonrenewals happen for a wide variety of reasons, some of which are very legitimate. Some of which might be less so.
One common reason is that a client files too many insurance claims. How many home insurance claims is too many? The exact answer is unclear but multiple home insurance claims in a single year is certainly a red flag in my book.
The real issue is that a lot of these insurance cancellations are due to wildfire exposures. Its not just cancellations but in addition rate increases.
"The cost of home insurance is going up significantly." The podcase says it very well.
The podcast and article can be found here: Nearly 350,000 California Homeowners in Fire Prone Areas Dropped by Insurers. By KQED
I highly encourage California consumers to listen to the full podcast.
If you live in or near a wildfire area you probably should take the time to both read and listen to this podcast and article. "Forum talks about what wildfires are costing California homeowners and businesses, and what policymakers are doing to keep Californians affordably insured."
The article highlights the California the option known as the FAIR plan. The podcast does a good job and the FAIR plan is far more complex than any podcast can fully review.
While it is true that nonrenewals are going up, the entire story is pretty complex. Nonrenewals happen for a wide variety of reasons, some of which are very legitimate. Some of which might be less so.
One common reason is that a client files too many insurance claims. How many home insurance claims is too many? The exact answer is unclear but multiple home insurance claims in a single year is certainly a red flag in my book.
The real issue is that a lot of these insurance cancellations are due to wildfire exposures. Its not just cancellations but in addition rate increases.
"The cost of home insurance is going up significantly." The podcase says it very well.
The podcast and article can be found here: Nearly 350,000 California Homeowners in Fire Prone Areas Dropped by Insurers. By KQED
I highly encourage California consumers to listen to the full podcast.
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