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How To Obtain High-Risk Fire Insurance

How To Obtain High-Risk Fire Insurance

As fire season continues to rage, lawmakers in Western states are discussing changes that would restrict building or rebuilding in areas that are prone to fire risk. The numbers would seem to back up this plan: in 2017 in California alone there were over 15,000 structures damaged or destroyed and 45 people killed. While state governments grapple with how to mitigate losses in fire-prone areas, insurance carriers are already doing what they think is best: canceling policies for those areas where they are seeing numerous and repetitive fire claims. Other companies are restricting the number of policies they write in these areas or refusing to write them at all. If you own a home or business in areas where fires are common, what can you do? Have You Been Nonrenewed? If you already own property in these areas, you may see your insurance premium skyrocket, or you may be nonrenewed if your insurance carrier decides to of the area. What do you do if you get a nonrenewal notice? Call your current broker or insurance company to get a loss history on your current policy. The loss history should be at least three (3) years, but five (5) years is better. Call Hayes Brokers to discuss your options. If your premium has increased tremendously, call Hayes Brokers to find out what other insurance carriers and premium options are available to you. Don’t Wait Until The Last Minute Insurance companies are required to give at least 30 days written notice of nonrenewal, though most states require them to give at least 90 days notice. This allows the policyholder sufficient time...
Hayes Speaks at El Sobrante Rotary Meeting

Hayes Speaks at El Sobrante Rotary Meeting

Galen Hayes was honored to speak (in costume, this is NOT his normal look) at the monthly meeting of The Rotary Club of El Sobrante – District 5160 on October 31, 2017. Galen spoke on a few of his favorite topics with regard to insurance, including flood insurance, earthquake insurance and fire insurance for homeowners. Flood insurance has been a hot topic this year due to flooding from the recent hurricanes, as well as inclement weather across the country. Recent hurricane losses in Texas, Florida and Puerto Rico are in the hundreds of billions of dollars, though much of it is either uninsured or underinsured. The topic of earthquake insurance touched on the California Earthquake Authority and the lack of insured homes for this coverage.   Fire and homeowners insurance were also discussed, including proper insurance valuation and the possibility that many homes are uninsured.It is estimated that in the recent Napa fires nearly 30% of the 9,000 homes burned were not insured. Galen Hayes is available to speak on a wide variety of insurance topics for both homeowners and business owners. If your organization is looking for an entertaining and knowledgeable speaker, call our office to book Mr. Hayes for your next meeting....