Protecting Your Home Financially from a Wildfire

| | Protecting Your Home Financially from a Wildfire

Protecting Your Home Financially from a WildfireAs the most recent California wildfire continues to burn, thousands have been left homeless, and even more left with significant damage to their properties. If you or someone you know has been impacted by the fire, one of the first steps you need to take is to check your home owner’s insurance policy to determine how much (if any) coverage you have for this type of peril.

Unfortunately, throughout the years, many property and casualty insurance companies have stopped offering fire insurance in California, due in large part to previous substantial claims. For instance, according to the California Insurance Department, in just 2017 alone, more than 32,000 homes were either damaged or destroyed, resulting in close to $12 billion in claims.

With that in mind, it is essential to make sure that you are covered either by your current policy, and / or that you have a separate fire insurance plan in place that can help to defray some or all of the costs for repairing or replacing your home.

What if you are not currently covered for fire damage? One avenue for assistance could be the California FAIR plan – provided that you have an insurable property.

The California FAIR (Fair Access to Insurance Requirements) plan is an association that is comprised of all insurance carriers that are authorized to offer property insurance in the state. Initially established more than 50 years ago, this program helps to ensure the availability of basic property insurance for property owners in the state of California.

While the FAIR plan can provide you with insurance as a last resort, though, it is still important for California home owners to try securing home owner’s insurance coverage via a licensed property insurance carrier.

For more information about the California FAIR plan, you can visit their website at www.cfpnet.com.

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By |2018-11-20T14:10:34+00:00November 20th, 2018|Advice|0 Comments