INSURANCE

Sonoma County homeowners jolted with insurance hikes as a result of wildfire risk

Lesley Muller said her jaw dropped when she got her renewal notice from the carrier that insures her Cloverdale home. The bill increased by $700 annually to $2,200.

“When I got it, it shocked me,” said Muller, a retiree whose insurer also covers her family’s cars and a home in Arizona.

She called up her insurance broker who checked with five other carriers that all declined to make an offer and said the only other option would be the state FAIR plan, which is the state’s insurer of last resort. That option would be considerably more expensive for less coverage.

“So, what do you do? Pay the high premium!” added Muller, who declined to name the carrier to prevent any repercussions.

She’s not alone.

Greg Lucas of Santa Rosa said his bill originally went up about 50% to $2,150 annually from CSAA Insurance. He checked around but could find no better deal and ended up reducing the price to about 25% spike by upping his deductible and lowering the amount of personal property coverage.

Torben Moller of Windsor renewed his policy at a 50% increase and added he “can’t complain too loudly” because wildfires have driven risk for carriers

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July 21, 2022 by INSURANCE

Citizens drops Florida property insurance policies

Citizens Property Insurance Corp. has started dropping policies of some homeowners across Florida because the estimated price of replacing their homes after a storm or fire would now exceed a $700,000 replacement value cap.

Citizens Property Insurance Corp. has started dropping policies of some homeowners across Florida because the estimated price of replacing their homes after a storm or fire would now exceed a $700,000 replacement value cap.


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Rising inflation has cost hundreds of Florida homeowners citizens-policies-dropped-due-to-700k-cap-20220713-fcr7gc6tt5bgjecikjg3efrywu-story.html”access to affordable property insurance.

New data provided by state-owned Citizens Property Insurance Corp., Florida’s “insurer of last resort,” shows that the company dropped 2,267 policies statewide during the 12-months ending June 30 because their homes’ replacement value exceeded $700,000.

That’s the company’s eligibility cap in all counties except Miami-Dade and Monroe, where Citizens can insure homes valued up to $1 million.The caps could be increased in Broward, Palm Beach and other counties if a new study by the state Office of Insurance Regulation finds that homeowners lack access to affordable coverage from private market insurers and have little choice except Citizens. In Broward County over the past year, Citizens sent notices of non-renewal to 617 homes with replacement values exceeding the $700,000 eligibility cap. In Palm Beach County, 454 were dropped.

Read the full story here.

This story was originally published July 13, 2022 5:35 PM.

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July 19, 2022 by INSURANCE

COVID at-home tests are free through your insurance. Yes, really.

COVID at-home tests are free through your insurance. Yes, really.

As the U.S. faces another surge in COVID-19 cases, Americans on most insurance plans can get up to eight rapid tests per month at no cost to help detect infection and prevent further spread.

Insurance companies have been required to cover the tests authorized by the FDA since January, when the Biden administration put the federal requirement for private health insurers into effect.

Not everyone can get free COVID tests; millions of military families covered by the Defense health program Tricare can’t get them covered without an order from a health care provider for now, but Medicare members began taking advantage of the rule in April.

Here’s what to know:

COVID-19 CASES ON THE RISE:What to know about the current state of the pandemic

Who can get free COVID tests?

Each person covered as part of a qualifying insurance program is entitled to up to eight free at-home tests over-the-counter every 30 days. That means a family of four could get up to 32 tests. Plans are required to cover $12 per individual test, or $24 for a box of two.

How can you get them?

Some insurance plans will cover tests sold at in-network pharmacies at

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July 18, 2022 by INSURANCE

42,000 Louisiana homeowners dropped by insurance company Friday; State Insurance Commissioner addresses crisis

NEW ORLEANS (WVUE) – 42,000 homeowners are looking for a new insurance policy as of Friday. The company, Southern Fidelity dropped them and now they have 60 days to find a new policy.

Nearly 100,000 policyholders total have been dropped by Southern Fidelity, Lighthouse Excalibur and Maison.

Insurance Commissioner Jim Donelon says six companies have pulled out completely and more than 50 have stopped writing new policies below I-10 and I-12, making the state’s insurer of last resort, Louisiana Citizens, the only option for most.

“As we get further away and hopefully go unscathed through this hurricane season, more of those companies will return to the market, I am certain, as it happened 15 years ago after Katrina and Rita,” Donelon said.

Southern Fidelity customers have until September 13 to find a new policy or sign with Citizens.

Lighthouse and Maison have until August 28.

If you sign with Citizens, the coverage will be retroactive back to the day your policy was canceled, so there’s no gap.

Donelon says the number of Citizens’ policies has jumped from 35,000 to 82,000 and he expects it to grow to 95,000.

That overwhelmed the system, which only has two computer servers. That’s why

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July 17, 2022 by INSURANCE

Understanding sewer and water backup coverage

What is sewer and water backup coverage? 

An optional endorsement on your Homeowners, Renters or Landlord policy that provides protection from costly water damage resulting from backed up drains or failed sump-pumps. 

Does homeowner’s insurance cover water backup?

The standard homeowner’s insurance policy without a sewer and water backup endorsement does not typically cover water damage from a sump-pump or drain. Water backup and sump-pump overflow coverage is an optional coverage that must be added on to a homeowner’s policy.

Do I need water backup coverage?

Yes!  The typical sewer and water backup related claim is now more than $10,000. Even if you do not have a finished basement, you may have a water backup issue that needs to be professionally mitigated to prevent further damage to your home from mold. If you do have a finished basement with a sump-pump or drain, we recommend sewer and water backup coverage of at least $10,000.

Do I have enough coverage?

The average water backup claim is now more than $10,000 according to the Insurance Information Institute! The total amount of coverage would need to be enough to cover the professional water removal or mitigation, repairs to walls or

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July 15, 2022 by INSURANCE
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