Author Topic: Homeowners Insurance - Who do you have?  (Read 7667 times)

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Offline Lepo

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Homeowners Insurance - Who do you have?
« on: Aug 28, 24, 08:51:34 AM »
I have ISU Insurance Services-ARMAC Agency but I am looking to change. I called Geico but they don't cover the area.


Offline Bob C

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Re: Homeowners Insurance - Who do you have?
« Reply #1 on: Aug 28, 24, 09:22:33 AM »
Keep whoever you have now, unless you absolutely can’t stand them. Eventually, they will drop you, and you’ll end up with the California Fair Plan like most everyone else

Offline tlc

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Re: Homeowners Insurance - Who do you have?
« Reply #2 on: Aug 28, 24, 11:07:07 AM »
Bob - do you have CFP and a regular insurance policy or am I over covered by having both?

Offline Bob C

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Re: Homeowners Insurance - Who do you have?
« Reply #3 on: Aug 28, 24, 05:41:43 PM »
I have a CFP (which only covers fire), and I have another “wrap around” policy to cover all the other stuff

Check your policy. If your regular policy covers fire, then you don’t need the fair plan.

Offline lwt42

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Re: Homeowners Insurance - Who do you have?
« Reply #4 on: Aug 28, 24, 08:04:59 PM »
I have ISU Insurance Services-ARMAC Agency but I am looking to change. I called Geico but they don't cover the area.
As others have suggested, this is not the best time to shop for new insurance.

We have California Fair Plan and a "wrapper" (Difference in Conditions) policy with Farmers.

Most insurers don't like homes in high-fire areas.

I have read that Farmers is planning on leaving California.

Offline ForestGal

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Re: Homeowners Insurance - Who do you have?
« Reply #5 on: Aug 29, 24, 10:43:15 AM »
I have been insured with State Farm for over 30 years and have been very pleased with them.  The premiums have increased dramatically over the years, especially in recent years, but at this point, I’m just happy they haven’t dropped me.  I know nothing about CFP, except for what I just learned from Bob C in his post above, that they only cover fire.

Offline SkierBob

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Re: Homeowners Insurance - Who do you have?
« Reply #6 on: Aug 29, 24, 05:43:56 PM »
I asked my neighbor what's with the two flashing red lights he put on top of his house...

He said CFP didn't cover if an airplane hits his house..


Offline lwt42

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Re: Homeowners Insurance - Who do you have?
« Reply #7 on: Aug 29, 24, 06:31:39 PM »
I know nothing about CFP, except for what I just learned from Bob C in his post above, that they only cover fire.
California Fair Plan (CFP) is the insurer of last resort.  If you can't get anything else, they will give you insurance (and keep your mortgage company happy).

They normally cover Fire, Internal Explosion and Smoke.  Optionally, they can cover vandalism and malicious mischief.

They don't cover things like general liability (if someone trespasses and gets hurt), water damage or flooding.  You get a "DIC" policy from another insurer, like Farmers to cover that.

They don't cover Earthquakes.  They push really hard for Earthquake insurance, and as a California native who grew up near the end of the Newport-Inglewood fault, that doesn't worry me.

Never hurts to ask your agent, but CFP is usually not the cheapest option.

Offline Lepo

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Re: Homeowners Insurance - Who do you have?
« Reply #8 on: Dec 11, 24, 07:51:33 AM »
Bump.
I am being cancelled due to trees too close to cabin....

There are so many cabins that have trees growing through decks and overhanging. They can't seriously expect us to cut the trees down can they?

Any advice or recommendations on who I should call to get coverage?



Offline Bob C

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Re: Homeowners Insurance - Who do you have?
« Reply #9 on: Dec 11, 24, 08:00:26 AM »
Who are you currently with? If not California Fair Plan, then your insurance company is looking for a way to cancel you. There is some new California law since the Bridge fire, than prevents cancelation for things like this for one year, I believe. You're still screwed one year and one day after the fire, but I dont think they can cancel you before one year.

https://www.insurance.ca.gov/01-consumers/140-catastrophes/MandatoryOneYearMoratoriumNonRenewals.cfm

Offline lwt42

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Re: Homeowners Insurance - Who do you have?
« Reply #10 on: Dec 11, 24, 03:13:22 PM »
Bump.
I am being cancelled due to trees too close to cabin....

There are so many cabins that have trees growing through decks and overhanging. They can't seriously expect us to cut the trees down can they?

Any advice or recommendations on who I should call to get coverage?

We have California Fair Plan and Farmers'.

I'd have to dig out the policies to see which covers exactly what, but our Farmer's agent took care of CFP, and added a wrapper or "Difference in Conditions" policy to fill in the gaps.  Farmers provides the DIC policy.

The two policies are about $2,000/year, most going to Fair Plan.  I've got a high deductable, and we like our house but it's not fancy or new.

My advice would be to sit down at the computer and start contacting agents (by E-Mail or contact form) and ask for quotes.

If you don't get cancelled right away, you're still at risk in a year if you're covered by the moritorium Bob C mentioned.

We're fortunate to be mortgage-free, so we don't need all of the coverages that a lender might require.  I'm considering Fair Plan plus a general liability policy just to cover trespassers and others getting injured on our property. 

Offline Lepo

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Re: Homeowners Insurance - Who do you have?
« Reply #11 on: Jan 14, 25, 08:07:27 AM »
I heard a lot of the properties at the Palisades fire likely had California Fair Plan. There are reports of insurers dropping people in this area a few months ago, so they likely had no choice but to go with the fair plan.
This is so sad.

 

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