Homeowners

Wildfire Insurance Crisis for California Homeowners

Firefighters monitoring California wildfire (Credit: Anda Chu/MediaNews Group/East Bay Times via Getty Images)
Firefighters monitoring California wildfire (Credit: Anda Chu/MediaNews Group/East Bay Times via Getty Images)

Homeowners in fire-prone areas of California may soon find there’s no one to insure their properties.

Last year, the state barred insurance companies from canceling policies on about 800,000 homes in or near areas with a high risk of wildfires. That ban is set to expire soon and there’s no way to renew it, according to the New York Times.

Insurance companies, which have been financially battered by huge payouts in high-risk areas, are expected to continue pulling out of them unless California officials allow them to raise rates.

“The marketplace has largely collapsed” in those high-risk areas, Graham Knaus, executive director of the California State Association of Counties, which has lobbied state lawmakers on the matter, told the Times. “It’s a very large geographic area of the state that is facing this.”

California wildfires have killed

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Homeowners Insurance | Liberty Mutual

The cost of your homeowners coverage is largely determined by five factors:

Location

Risks like extreme weather, crime rate, and distance to a fire station all can impact your rate. For example, you might pay more for waterfront property or if you’re located in an area prone to mud slides. Construction costs also vary by region, which is another factor that determines your homeowners rate.

Estimated replacement cost

This is different from the current tax assessment or market value of your home, and accounts for the actual cost to rebuild the structure of your home. For example, if your home was destroyed in a storm, how much would it cost to rebuild it? That amount is the replacement value. Not only are materials and labor considered, but inflation and availability of building materials.

Age and condition

This is determined based on very specific details like building materials, age of the

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Auto and Homeowners Insurance Information for Colorado, New Mexico, Utah, Wyoming

For authoritative information and resources on COVID-19, including situation reports, guidance, and more, visit CDC’s website, CISA.gov/coronavirus, Colorado Department of Health and Environment, Colorado Governor Resource Page, New Mexico Resource Page, Utah Resource Page, Wyoming Resource Page

Rocky Mountain Region Insurance Bulletins: CO Insurance Payments, Renewals and Cancellation Provisions; FAQ for Renewals and Cancellation Provisions (5.38) CO Governor Press Release on Delivery Drivers; CO Delivery Driver Provisions; New Mexico Insurance Bulletin, Colorado DOI Business Interruption Insurance & COVID-19 FAQ

FEMA Flood Insurance Grace Period: News Release

SBA Coronavirus (COVID-19): Small Business Guidance & Loan Resources

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources?fbclid=IwAR3O5jQir9rGFWfx7FeUvpvq9vUAT0uAnPJ40OJFcrwjsLtwQCoyGbDjym4

NICB COVID-19 Resource Center

Colorado Emergency Preparedness Partnership: Readiness information for businesses to plan for potential organizational/workforce impacts from COVID-19. CISA.gov/insights. Register for the Colorado’s Business Emergency Operations Center (CO BEOC) for access to situation reports, coordination calls for needed resources and services.

“Is there business income coverage if a governmental authority requires

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Best Homeowners Insurance Buying Guide

Options, add-ons, and separate coverages will increase the cost of a standard policy. But they could save you a lot of money in the long run.

Keep in mind as you price shop that some carriers may include these extras in their basic coverage while others may will charge you an added premium. The National Association of Insurance Commissioners offers a homeowners insurance shopping worksheet as part of its free shopping guide to help you approximate apples-to-apples comparisons. 

Here are add-ons to consider:

• Sewer backup. This coverage would protect you if, say, a municipal line failure caused sewage to back up into your home, says Loretta Worters, a spokeswoman for the Insurance Information Institute. (Sewage backup could also be caused by tree roots growing into the sewer line.) The cost is $40 to $100 per year.

• Earthquake, hail, and windstorm. In our 2018 homeowners insurance survey, 6,940 CR

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Florida Homeowners Insurance | Kin Insurance

While other insurance companies withdraw from Florida because of the high cost of hurricanes, Kin is proud to offer quality, affordable coverage to homeowners who need it most.

So what is the average cost of homeowners insurance in Florida? According to our data, Florida homeowners insurance is about $1,091 a year on average (though cost varies depending on your home’s characteristics, where you live, and other factors).

The best Florida homeowners insurance covers your home, other structures, and belongings for major risks, such as hurricane, sinkhole, and flood damage. If you want to experience peace of mind firsthand, get a quote today.

 

 

The average homeowner who switches to Kin saves $500 a year.

Creating the Best Homeowners Insurance in Florida 

We are a fully licensed Florida home insurance carrier with a financial stability rating of “A – Exceptional” from Demotech, Inc. That means we have the financial strength to pay

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Best Homeowners Insurance Companies of 2020 | Homeowners Insurance

Best Homeowners Insurance Companies of 2020

A typical homeowners insurance policy will cover repairs to or reconstruction of your home if it is damaged by fire, smoke, theft or vandalism, or bad weather such as lightning, wind or hail. A standard homeowners policy also generally covers your appliances, furniture and other possessions, as well as medical expenses and legal fees if people other than you or your family are injured on your property.

Not covered in most standard policies are jewelry, artwork or other collectibles in your home, identity theft protection, or damage caused by an earthquake or flood. These types of coverage are generally optional but may not be offered by all insurers in all areas.

If flood insurance is not offered by your homeowners insurance company, you may be eligible for coverage through the National Flood Insurance Program, administered by the Federal Emergency

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