California’s property insurance market has changed dramatically, and the California FAIR Plan now reportedly insures approximately $768 billion in property across the state.

In this episode of Speaking of Insurance, Aaron and Brian Bollinger break down what the growth of the FAIR Plan means for California homeowners, why it should generally remain an insurer of last resort, and why the cheapest insurance option is not always the best value.

We discuss:

• Why the California FAIR Plan has grown so significantly
• What the FAIR Plan covers, and what it may leave out
• Why FAIR Plan coverage is not the same as a traditional homeowners policy
• The importance of pairing FAIR Plan coverage with appropriate supplemental coverage
• Why homeowners facing a non-renewal should explore the private market before automatically moving to the FAIR Plan
• How independent brokers can access admitted, specialty, and excess and surplus insurance markets
• Signs that California’s property insurance market may be beginning to soften
• Why newer homes and properties farther from wildfire exposure may have more insurance options
• How property maintenance and wildfire mitigation can affect insurability
• Why replacement cost estimates and underinsurance remain major concerns
• How extended and functional replacement cost provisions can affect a claim
• Why coverage, claims handling, pricing, and long-term stability all matter when evaluating an insurance policy

The California property insurance market is still difficult, but additional carrier appetite and new market options may give some homeowners alternatives that were not available even a year or two ago.

If you are currently insured through the FAIR Plan or recently received a non-renewal, it may be worth having your property reviewed again to see what options are available.

Learn more or contact Bollinsure:
https://www.bollinsure.com/
Phone: 562-268-9355
Email: quotes@bollinsure.com
Bollinsure Insurance Services
California DOI Agency License #6013787