Tag: California homeowners insurance

California to overhaul comprehensive home insurance following widespread wildfires

Nordstrom
Comprehensive home insurance - house on fire

Homeowners who lost their coverage due to fire threats will have access to plans next year. Californian homeowners who have been struggling with the loss of coverage due to wildfire threat will soon have comprehensive home insurance available to them once again. A new state-mandated plan has been created to make sure residents can obtain coverage. California Insurance Commissioner Ricardo Lara issued an order for this new comprehensive home insurance plan last Thursday. It was a response to the catastrophic wildfires that have left devastation in their wake in the…

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California homeowners insurance policies are becoming fewer and farther between

Nordstrom
California Homeowners Insurance Policies - House Fire - Fire fighters

As the state prepares for another dangerous wildfire season, coverage is in the spotlight. California homeowners insurance policies are becoming a serious subject at the moment. With the approach of the wildfire season, a growing number of property owners are losing their coverage. That said, the issue of spiking premiums and reduced availability isn’t anything new. A recent New York Times report looked at the issue of California homeowners insurance policies. It examined the way the state has been trying to manage these challenges for a long time. It pointed…

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What does California earthquake insurance coverage provide following a disaster

Julie Campbell
California earthquake insurance coverage - House after earthquake

Following the tremors last Thursday and Friday, many residents are looking into the protection available. The importance of California earthquake insurance coverage was placed in the spotlight last Thursday and Friday. The 6.4 magnitude quake was the strongest to rock Southern California in two decades and was followed by a 7.1 magnitude quake the next day. The tremors shook homes and other buildings across hundreds of miles in the state. Independence Day came with a number of different catastrophe risks, particularly with the number of tornadoes that have been cutting…

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California Legislature enacts homeowners insurance reforms regarding wildfires

Julie Campbell
california wildfire insurance - Homeowners insurance reforms

Victims of the fires that destroyed thousands of homes in 2017 will not benefit from the changes. The California Legislature has approved homeowners insurance reforms designed to boost consumer protections. This is particularly important as Californians battle with wildfire risks for yet another year. Devastating wildfires have become the new normal throughout the second half of every year. Wildfires are occurring statewide and the Legislature decided it was time to come to terms with these new trends. This was reflected in the new homeowners insurance reforms that have received approval.…

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California insurance industry will face more wildfire losses in 2018

Logan B.
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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