51 min listen
Episode 2 - Understanding the Wildfire Insurance Problem
Episode 2 - Understanding the Wildfire Insurance Problem
ratings:
Length:
23 minutes
Released:
Feb 22, 2023
Format:
Podcast episode
Description
In this podcast episode, Tim Bauer, Senior Vice President at Allied Restoration Services, discusses the challenges faced by brokers, insurance companies, and family offices when it comes to insuring high-net-worth homes in California. The insurance market has become very hard due to major wildfires in recent years, resulting in increased premiums and non-renewals for homeowners. Some homeowners are choosing to self-insure with risk mitigation, while others are turning to the California Fair Plan, which offers reduced limits and exclusions that limit recovery for rebuilding homes. One significant exclusion is smoke mitigation, which is essential after a fire, as every property affected by a wildfire is also impacted by ash and soot. The conversation discusses the challenges of obtaining wildfire insurance coverage in California, particularly with the increasing prevalence of wildfires. The use of non-admitted carriers is explored, and while these carriers offer more coverage options, they can be more expensive and have limitations. Homeowners must take steps to reduce their risk and make their homes more insurable, and brokers must ensure that clients understand what they are purchasing. The episode concludes with the importance of taking measures to prevent a claim from occurring and the traumatic impact of experiencing a house fire.
Released:
Feb 22, 2023
Format:
Podcast episode
Titles in the series (33)
Episode 4 - Wildfire Prevention in California: Insights from Santa Clara County FireSafe Council CEO Seth: Seth is the CEO of the Santa Clara County FireSafe Council, which works on the border of Santa Cruz County and San Mateo County with other FireSafe councils. He is a professional who leads the way for FireSafe councils and has been involved with... by All Things Wildfire Podcast