Unfortunately because of all the natural disasters we have had in the past few years, many insurance companies started to leave the state and take their insurance policies with them.
This has created a huge problem for homeowners across the state, especially condo owners.
Because the State of CA tried to regulate that insurance companies could not raise their rates, it created the “unintended consequence” of insurance companies closing up shop and leaving the state altogether, making the problem even worse. The State of CA immediately reversed their decision and are now working with insurance companies allowing them to raise their rates versus leaving the state altogether.
This articles goes into which companies are still insuring and how much they are raising their rates. If you have had issues with insurance cancellation or a dramatic rate increase, call me because there are other options out there, depending on your circumstance.
I had one client call me because her rate for her home had increased from $8,000 a year with a $1,000 deductible to $18,000 a year with a $49,000 deductible. I think this was a way for the insurance company to say politely . . . “we don’t want to insure you any longer.”
Fortunately, that type of rate and deductible increase is NOT the norm. If you get a notice like this, please reach out to me I can help you navigate this new territory of homeowner’s insurance.
Click Here to Read the Article
Source: North Bay Business Journal
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