Home Insurance Webinar
The insurance marketplace is California is increasingly difficult to navigate. Major insurers have left the state and the cost for for fire insurance in many areas has exploded as many owners are being told by their carriers their policies won't be renewed.
In this Webinar, learn everything you need to know to stay abreast of the fast-changing and challenging home insurance marketplace in California.
Online via Zoom • January 23, 2024 • 1:30 PM PST
What we'll Discuss on this Webinar
California homeowners are currently grappling with limited options for home insurance. This is a result of major insurance carriers restricting or halting new policies due to high risks, particularly from wildfires. Proposition 103, a state regulation, complicates this by capping rapid rate increases, requiring government approval for significant rate hikes. The combination of these regulations and the heightened wildfire risks makes insurance more scarce and potentially more expensive for homeowners in California.
Here are some of the topics we'll cover on this informative presentation:
Coverage for Natural Disasters
Given our area's susceptibility to earthquakes, wildfires, and floods, what do people need to know about obtaining insurance in disaster-prone areas, or even areas nearby?
Is earthquake insurance necessary or included? Since this is a prevalent risk in California, understanding the specifics of earthquake coverage is vital.
Do I need flood insurance, and what does it cover? This is especially relevant for properties near water bodies or in flood-prone areas.
How does the policy cover damage from wildfires? Given the increasing incidence of wildfires in California, this is a key concern.
Replacement Cost Coverage
Does the insurance provide replacement cost coverage for the home and personal property? This determines how much the insurance will pay out in case of total loss or damage.
What liability protection does the policy offer? This covers legal and medical expenses if someone is injured on the property.
Policy Limitations and Exclusions
What are the limitations and exclusions of the policy? Understanding what's not covered is as important as knowing what is covered.
What are the policy deductibles? This affects the out-of-pocket cost in the event of a claim.
Discounts and Premium Reductions
Are there any discounts available, such as for home security systems or fire-resistant construction?
How easy is it to adjust the policy as needs change, such as renovations or purchasing valuable items?
Copyright 2024 • Seb Frey, REALTOR® • Compass • Lic. 01369847