California’s Wild Fires Burn Homes and Holes in Victims’ Pockets

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Photo Courtesy: NBC Bay Area

California’s Wild Fires Burn Homes and Holes in Victims’ Pockets

By Devin Valdez

            California homeowners are again facing the cruel reality of wildfires and the damages they leave behind. Homeowners are hit first-hand with the reality of the importance of keeping your homeowner’s insurance policies up-to-date and as accurate as possible.

Although majority of HOI policies include fire insurance, that coverage may not be enough for owners who live in high-risk areas; and unfortunately, coverage may not be the easiest to find right now.

Many insurance companies have taken new measures to determine how much a property is at risk to a fire, and moreover, how much more their insurance premiums should cost according to those risks. On top of that, due to the increase in wildfires, some insurance agencies, have stopped writing the policies all together.

With insurance companies opting out of insuring homeowners in high-fire risk areas, homeowners are left feeling helpless. They are now forced to take different measures into their own hands to try and save money.

As a last resort, homeowners are turning to the California FAIR plan. This plan is provided by an association that is allowed to offer basic property insurance to California occupants, who have already tried to get insurance from market insurance companies, with little or no success. FAIR can cover up to $1.5 million for structures and other costs.

Homeowners have extra precautions and come up with ways to protect their homes, by making them less inclined to be at risk to fires. Some residents are adding fire-resistant landscapes or lawn buffers to create a zone around the home to slow down a potential fire.

One last thing to note, is that homeowner’s insurance policies are crucial for you and your family’s home. It’s important to contact your insurance agencies before disaster hits, to make sure your coverage is correct and accurate.

 

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