California insurance industry will face more wildfire losses in 2018

California Insurance Industry - Wildfires

A new Moody’s report shows that insurance companies will endure more wildfire losses this year. The California insurance industry isn’t getting a year off from wildfire losses after facing a costly year in 2017. A new Moody’s Investors Service Inc. report showed that despite current losses, there will likely still be another major wildfire loss event this year. The Carr wildfire in California has caused about an estimated $1.5 billion in insured losses. After the California insurance industry copes with the $1.5 billion in losses likely already caused by the…

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Could Hippo Insurance model really change the homeowners market?

hippo insurance online homeowners policy

The startup insurer officially launched in California with a new way of looking at coverage. Hippo Insurance had its official launch in California this week and has taken a different perspective for homeowners policies. The concept is to offer smart homeowners insurance for modern homes. This insurance company is based in Mountain View, California and hopes to freshen the market. The insurer claims that the homeowners insurance market has barely seen any change at all in fifty years. Hippo Insurance hopes that with the changes it’s making, consumers will be…

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California wildfire insurance rates are heading skyward

california wildfire insurance

In southern parts of the state, residents have been watching their premiums rise due to the fires. Dozens of Southern Californians are threatened by forest fires and at the same time as they worry for their homes, they are watching their California wildfire insurance premiums skyrocket. Many houses have already been damaged – or nearly damaged – which can be enough to affect premiums. That said, it’s important to note that wildfire insurance won’t automatically spike right away. The odds are that California wildfire insurance rates will rise. This is…

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California homeowners are purchasing flood insurance aggressively

flood insurance policies

Worries over El Nino lead to an increase in the acquisition of flood insurance coverage Homeowners in California are beginning to show worry over the coming of El Nino. This year, El Nino is expected to be much stronger than it has ever been, which may place many homeowners in serious danger of having their properties damaged. Much of this damage is likely to come from flooding, which has lead more homeowners to purchase flood insurance coverage. According to the Federal Emergency Management Agency (FEMA), there has been an influx…

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New earthquake insurance options being offered in California

oklahoma earthquake insurance industry

California Earthquake Authority launches new options to make earthquake insurance more available Homeowners in California will have more options when it comes to earthquake insurance in 2016. The California Earthquake Authority will be offering new options for consumers, allowing them to purchase more affordable insurance coverage that better suit their needs. This comes as a response to the fact that many homeowners lack earthquake insurance coverage, which can expose them to significant financial risks that they may not be able to handle on their own. Many consumers lack the earthquake…

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Earthquake insurance is becoming more important in California

earthquake insurance companies

Homeowners may need to prepare for an earthquake with the right kind of insurance coverage The United States Geological Survey has released a report that warns that California may experience a major earthquake in the next 30 years. The report claims that an earthquake of a magnitude of 6.7 or higher is coming, but there is no telling exactly when in the next three decades the event will come. Those living in the state may need to prepare for the disaster, but most Californian homeowners are unaware that there is…

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California homeowners insurance could be tough for pit bull owners

Dog liability homeowners insurance

Households that include certain breeds of dog could soon find that they are being denied coverage. Homeowners insurance companies across California are starting to make the decision as to whether or not they will be continuing to cover properties in which the owners have certain breeds of dog such as pit bulls. These breeds are being seen as a potential liability, and the risk is deemed too high by some insurers. There have been reports of certain homeowners insurance companies – including The Hartford, which was mentioned in an article…

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California is taking steps to promote earthquake insurance

oklahoma earthquake insurance industry

Few homeowners in California have insurance protection against earthquakes Few people in California have earthquake insurance, and this is being considered a significant problem by the California Earthquake Authority and state lawmakers. The organization has begun working with Assemblyman Ken Cooley in order to address the issue. New legislation has been introduced, highlighting the lack of insurance coverage for the state’s homeowners. The legislation is expected to take effect in 2016 and requires insurers to provide homeowners with easily understood information regarding their insurance coverage and earthquake coverage. The number…

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Homeowners insurance fraud scheme in California sells fake policies in fire risk areas

homeowners insurance fraud

There has been a vicious rash of bogus coverage sales as property owners desperately seek new protection. According to a recent homeowners insurance news release by the California Department of Insurance, yet another arrest has been made as property owners in areas at a high fire risk have fallen victim to a fake policy scam. The report identified 57 year old Dean Joseph Basler of Ventura as the latest embezzler. It stated that the Ventura County Sheriff had arrested Basler following a homeowners insurance investigation conducted by the Department of…

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Homeowners insurance renewal isn’t guaranteed for those near California wildfires

widlfire homeowners fire Insurance

Some policyholders are finding that their insurers are choosing not to allow coverage to continue. At the same time that many homeowners insurance customers are discovering the peace of mind that their policies can bring as the wildfires in California continue to creep ever closer to their homes, others are finding that if their policies are up for renewal, it may not be possible to continue their coverage. It is clear that this is a stressful time for the people living near the wildfires, and this is making it worse.…

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