Business News

SACRAMENTO – As the National Oceanic and Atmospheric Administration warn of El Niño driven storms causing possible flooding in parts of water-starved California and Federal Emergency Management Administration officials suggest consumers consider purchasing flood insurance, California Insurance Commissioner Dave Jones reminds consumers to heed the advice and remember that flood damage is not covered by traditional homeowners insurance.

“Flood insurance may be all that stands between you and devastating financial losses,” said Commissioner Jones. “I'm concerned that the above average temperatures we have seen this fall could lull consumers into a false sense of security and that is dangerous. California has seen historic floods caused by devastating El Niño-driven storms in the 1980s and 1990s. Heed the warnings and take steps to protect yourself and your biggest asset – your home.”

Flood insurance is only available through the Federal Flood Insurance Program and must be in force for 30 days prior to a flood, so experts are suggesting consumers, including those in low-risk areas to look into purchasing coverage well before storms hit.

The Department of Insurance echoes the advice to consider flood insurance and also to review existing homeowner coverage to make sure consumers understand what is and is not covered when rain storms cause damage other than flooding from rising water.

The commissioner also advises consumers to prepare for potential disaster by using their smart phone to do a home inventory and document their belongings and store it in your cloud.

Also, consider scanning your deed, insurance policy and other important documents and store them in your cloud for access after the storm.

The department has a number of resources to help consumers with insurance coverage or claim questions.

The department's consumer hotline is available toll-free at 800-927-4357.

Details

Written by: Editor

Published: 29 October 2015

SACRAMENTO, Calif. – With two of the largest fires in California history recently devastating the northern part of the state, unseasonably high fall temperatures and fire season extended well into the fall, it is more important than ever to make sure homeowners and renters have the insurance coverage they need in case disaster strikes.

California consumers in high-risk fire areas across the state are reminded that fire coverage is available everywhere in the state.

The Department of Insurance is working to remind agents and brokers that insurance coverage in high-risk fire areas is available to all homeowners.

The California Fair Access to Insurance Requirements plan, commonly known as the FAIR Plan, is the insurer of last resort for residents unable to find coverage through other insurers.

The department also has resources available to help make sure Californians get the coverage they need.

The department’s Web site has a homeowner comparison tool, and a list of insurance companies licensed to sell homeowner insurance in California which can be used to shop for available coverage in an area and compare price and coverage features.

“Consumers need to know that insurance is available,” said Commissioner Dave Jones. “It is important to shop around to make sure you are getting the coverage that is right for you. If you are not able to find the coverage you need, the department is here to help. Call us or ask your agent or broker about the options available, including the FAIR Plan.”

The FAIR Plan provides insurance coverage to homeowners unable to purchase insurance for their home or business in the conventional insurance market. The FAIR Plan provides coverage for the perils of fire or lightning, internal explosion and smoke.

For an additional premium, extended coverage (windstorm, hail, explosion, riot or civil commotion, aircraft, vehicles, and volcanic eruption) and vandalism or malicious mischief coverage may be added to the policy.

Since the FAIR Plan policy does not cover all the perils insured under a traditional homeowner insurance policy such as theft or liability, consumers may want to consider purchasing a Differences in Conditions policy in addition to the FAIR Plan policy that will cover these additional risks.

An agent or broker should be able to locate an insurance company that sells this type of coverage. The FAIR Plan policy meets the minimum coverage required by mortgage companies.

In addition to the FAIR Plan, consumers can turn to the non-admitted or surplus lines market to find the coverage they need. This type of policy is sold through licensed surplus lines brokers. An agent or broker should be able to locate a surplus lines broker who can help them search the non-admitted market to locate an insurer willing to insure their home.

The department sent a notice to agents and brokers reminding them of their obligation to assist consumers in purchasing insurance coverage for properties that are difficult to insure. The notice reminds insurance professionals of the many resources available to assist with finding the appropriate coverage including department resources, surplus lines and the FAIR Plan.

Details

Written by: Editor

Published: 21 October 2015

ROHNERT PARK, Calif. – Assemblyman Bill Dodd (D-Napa) and Senator Lois Wolk (D-Davis) will unite their respective Select Committees on Wine for a joint hearing on issues impacting the California wine industry.

The hearing will take place from 2 to 4:30 p.m. Tuesday, Nov. 3, at the Sonoma State University Student Center, 1801 E. Cotati Ave., in Rohnert Park.

The committees will meet with a panel of top industry experts for an informative hearing on the future of the wine industry in California.

The topics of the hearing will be “Growing with the Drought: Water and Sustainability in Wine Agriculture” and “Cultivating the Future of the Industry: Farmworker Housing and Education.”

“The wine industry has a significant impact in my district and generates more than $60 billion annually for California’s economy,” said Dodd. “It’s important that the legislature is well educated on the issues facing the wine industry, and we’re ready to work collaboratively.”

Dodd represents the Fourth Assembly District, which includes all or portions of Sonoma, Napa, Lake, Solano, Yolo and Colusa counties.

You can learn more about the event at www.asm.ca.gov/dodd or you can call Assemblyman Dodd’s office at 800-965-6765.

Details

Written by: Editor

Published: 16 October 2015