California Home Insurance: State of Crisis!
Thursday, April 3rd 5:30-6:30 PM
or
Saturday, April 5th 10:00-11:00 AM
Keller Williams Realty
201 N Civic Drive Suite 130
Walnut Creek CA 94596
The California home insurance market is facing a significant crisis, driven by a confluence of factors. Here are key facts highlighting the situation:
Increased Wildfire Risk: The escalating frequency and severity of wildfires have led to substantial insurance payouts, making California a high-risk area for insurers.
Insurance Company Withdrawals: Major insurers, including State Farm and Allstate, have either stopped writing new policies or limited coverage in California due to increased risk and financial strain.
Policy Non-Renewals: Many homeowners are receiving non-renewal notices, leaving them without coverage.
Rising Premiums: For those who can obtain insurance, premiums are skyrocketing, making homeownership increasingly expensive.
California FAIR Plan Growth: The California FAIR Plan, the state's insurer of last resort, has seen a dramatic increase in policyholders as private insurers pull back.
Regulatory Challenges: California's insurance regulations, particularly Proposition 103, which limits rate increases, have created challenges for insurers to adequately price risk.
Reinsurance Costs: The increasing cost of reinsurance, which insurers purchase to protect themselves from large losses, is being passed on to consumers.
Climate Change Impacts: Climate change is exacerbating wildfire risk, as well as increasing the likelihood of other natural disasters like floods and extreme weather events.
Impact on Homeowners: Homeowners in high-risk areas are struggling to find affordable coverage, impacting property values and the overall housing market.
Rebuilding costs: The costs to rebuild homes has greatly increased, and many policies do not cover the full cost of rebuilding.
Legislative changes: The California department of insurance is working to make regulatory changes to entice insurance providers to return to writing policies in California.
I invite you to join Rick Hatcher of JSW Insurance and me for this free seminar to find out the steps necessary to navigate the CA insurance market. You’ll get a detailed look at how you, the professional or end user, can meet the challenges of obtaining home insurance.
Space is limited, so please RSVP today to reserve your seat.
REGISTER: Thursday, April 3rd 5:30-6:30 PM
or
REGISTER: Saturday, April 5th 10:00 -11:00 AM
#CAInsuranceCrisis #FreeSeminar #DaynaWilson #RickHatcher #daynasellshomes #daynawilsonrealestateteam #kellerwilliams #CaliforniaInsuranceMarket
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