Given the devastation and loss caused by the California wildfires in recent years, many insurance companies are either increasing their homeowners insurance rates substantially—some as high as 300%—and even dropping coverage all together. Home insurance providers have declined to renew policies for tens of thousands of homeowners across the state, and regulators expect more non-renewals in the coming months.1
Last week, my homeowners insurance company (which most of you know for their annually billed automobile towing service!) called to inform me that my annual premium would be doubling. I was shocked and frustrated. How could that possibly be? I had been a loyal customer for over 45 years, ever since I bought my first auto insurance policy back when I was just 15 years old…and I had never made any claims on my homeowners policy. To add insult to injury, the company proceeded to inform me that they outright cancelled the coverage on my other property entirely. Wow!
I soon discovered that I am not alone.
I have spoken with several clients and friends that experienced similar treatment and were facing the same hurdles in finding alternate solutions. While it took time, patience, and some investigative work, I ultimately found a reputable insurer that could cover both of my properties at a very reasonable price.
Here’s what I learned:
Click here to read more of this article by John Hayman, CFP®, Founder, Chief Investment Officer at Capital Advantage, Inc.