Get expert advice on maintaining coverage amid rising costs.
As California’s insurance landscape faces an unprecedented shake-up, many homeowners are left wondering about their insurance coverage. If you’ve noticed your insurance options shrinking or your premiums rising, you’re not alone. Today, I will discuss what’s driving these changes and, more importantly, how you can protect yourself.
The insurance market in California is in crisis, and it traces back to a voter proposition passed 20 years ago. This initiative put a cap on how quickly insurance rates could increase. While it seemed like a win for consumers at the time, it has created problems today. Rates haven’t kept up with inflation, and the rising construction costs since COVID-19 have put insurance companies in a tough spot. As a result, many insurers are leaving California.
So, what does that mean for you? If you already have insurance, make sure to keep paying your premiums. It's likely one of the best deals you'll find in today’s market, especially if you benefit from loyalty discounts. Losing your current coverage could make finding new insurance both challenging and costly.
"Losing your current coverage could make finding new insurance both challenging and costly."
For those buying a home or needing new coverage, it is important for you to start shopping early. Make sure the property is insurable and factor the cost of insurance into your budget before making any final decisions.
Now is the time to ensure you have the coverage you need. If you have any questions or need guidance, reach out to me at (562) 316-2915. I am here to help you navigate these challenges and find the best options for your situation.
