1. Are there any alternatives to California Fair Plan? Yes, we are starting to see the carriers open up SLOWLY. We are also SLOWLY starting to see additional NEW carriers offer coverage in California and in our local areas. They are, however, being very cautious, reviewing the properties carefully and watching saturation levels closely.
2. Does the premium pricing compare to CA Fair Plan/DIC? – It really depends on the area. We are facing a premium increase with California Fair plan on October 15th. This is not a straight percentage increase across the board. The homes located in the more fire prone areas will receive the larger increases.
3. Are carriers requiring water shut off valves and water monitoring systems as a requirement to insure the property? Yes, we are increasingly seeing the request for both types of systems to be installed as a condition for the carrier to provide coverage.
4. Are the carriers requiring additional weed abatement and landscaping next to the home to be altered as a condition of coverage? Yes, this is also increasingly becoming a requirement as a condition of coverage.
5. Is a property inspection required after the policy is issued? The majority of carriers now inspect almost every property on which a new policy is issued. Most of the inspections are completed on the exterior of the home however, some carriers do require an interior inspection. It usually depends on the total insured value of the policy.
6. What is the best course of action if I receive a large increase in a premium? Reach out to your insurance broker/agent as soon as you receive your renewal. Checking the available options takes a lot of time. There are a few carriers that can be quoted through electronic systems. However, most of the carriers require manual underwriting review of the property.
Best advice for potentially lowering premium increases is to be FLEXIBLE and willing to look at all available options. Consider what coverage is important to you individually. Is a large deductible acceptable to you or do you prefer a lower deductible? Are you willing to combine your auto insurance with the same carrier to provide a discount? Are there coverage limits you are willing to lower, i.e. personal property, loss of use, other structures, which could bring down your premium?
As a local homeowner and owner of Winchester Insurance Services in Murrieta, we offer insurance solutions to our local community. Give our office a call at 951.296.6678 or email us at Insurance@QuoteToWin.com.
Our Full-Service Agency Offers…
Personal Home | Auto | Landlord | Boat | RV | Earthquake
Commercial Business Owners | General Liability | E&O | Workers’ Comp
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Winchester & Associates Insurance Services Inc
41856 Ivy St Ste 110
Murrieta, CA 92562
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