Where can one get more information on the current homeowners insurance crisis in California?
The current insurance situation comes up a lot in my profession, since virtually every real estate transaction results in a new homeowners insurance policy. All buyers who are getting a bank loan must get homeowners insurance (it’s required by lenders), and of course all but the most extreme risk-loving cash buyers will want coverage as well. We fairly regularly get presentations and other insurance information at office meetings.
When I heard that Susan Wengraf, Vice Mayor of Berkeley and Councilmember for District 6, was hosting a panel discussion about the insurance crisis, I signed up to attend, but I was not expecting to get a lot of new information. In fact, though, it was a great discussion and very informative. The panel participants came from a wide range of perspectives, and the discussion was well-planned and well-moderated.
The panel included representatives from these groups:
- United Policyholders (a non-profit insurance information resource, https://uphelp.org/);
- the insurance business (a broker who sells insurance policies);
- the insurance arm of Consumer Watchdog (a non-profit consumer advocacy group, https://consumerwatchdog.org/issues/insurance/);
- the Berkeley fire department (https://www.berkeleyfiresafe.org/);
- the California Dept. of Insurance (https:/www.insurance.ca.gov/01-consumers/105-type/5-residential/index.cfm); and
- the California Fair Plan (insurer of last resort for those who cannot get coverage anywhere else, https://www.cfpnet.com/).
I’ve included links to the websites of the organizations represented, because every one has a great deal of helpful information. I would suggest though that you check out the actual panel discussion itself if you’re interested in an overview of the current insurance crisis, how we got in this situation, how and when it might be resolved, what the California Fair Plan is, and more.
A taped version of the webinar is available online here:
https://www.youtube.com/watch?v=76TV56X3dLk
My thanks to Susan Wengraf for putting together and hosting the whole discussion. Well done!
