In light of the ongoing wildfires ravaging California, I’m sharing an alert regarding property insurance policies.
From the Alert
On August 19, Insurance Commissioner Ricardo Lara issued a mandatory one-year moratorium beginning July 16, 2021, which prevents insurance companies from non-renewing or cancelling residential property insurance policies within the specified areas. This is in response to the governor’s emergency declaration on July 16.
This action helps over 25,000 policyholders who have been affected by the devastating Lava Fire and the Beckwourth Complex Fire in Siskiyou, Plumas, and Lassen counties. That includes more than 20,000 consumers who were already covered under last year’s moratorium, effectively extending their protection for several more months. See if your zip code is included here.
In a separate release, wildfire evacuees could be eligible for expenses under their current insurance policy. Residents across California who have been ordered to evacuate due to wildfires may have homeowner or renter insurance that will help with evacuation and relocation costs under Additional Living Expenses coverage, known as ALE. ALE coverage typically includes food and housing costs, furniture rental, relocation and storage, and extra transportation expenses. See their release here.
Regarding Insurance in General
Insurance including fire, earthquake and flood, are all becoming more and more important to pay attention to when you are purchasing or you already own a property. It’s quickly becoming one of the most important pieces of home ownership, and you need to pay as close attention to it as you do when you shop for a mortgage.
Please be safe out there. The air quality and destruction we are seeing is unprecedented.