Patti Harman’s Post

Commissioner Lara is revolutionizing the insurance landscape for Californians in high wildfire risk areas. Discover how new regulations encourage insurance companies to increase coverage options through forward-looking catastrophe models. Make sure to check out the details and the first-ever wildfire risk map released by the Department. #InsuranceReform #WildfireRisk #CaliforniaProtection https://bit.ly/4crr0AE

The aftermath of the current Southern California wildfires will leave lasting impacts on residents and the insurance industry alike. In a recent article, our partner Kristin Gallagher and associate Eileen Bradley discuss some key information to be aware of:  · Insurance Protection: A one-year moratorium on insurance cancellations in fire-affected zones · Fast-tracked rebuilding via executive orders suspending environmental reviews · Rising liability claims against utilities and landowners · Long-term shifts in claims handling, risk assessment, and reinsurance costs Insurers must stay vigilant as legal, regulatory, and coverage complexities evolve. See the full article: https://lnkd.in/e7gZ7YZe #InsuranceLaw #SouthernCalifornia #LAwildfires

There are a lot of great (and timely) insights in this article co-authored by my colleagues- check it out!

As the consequences from the southern California wildfires continue to unfold, it is imperative that homeowners and business owners are aware of the mandatory one year moratorium on insurance renewals and cancellations recently mandated by the CA Insurance Commissioner. Read more about it here. #wildfire #insurancerecovery #policyholder

Is relief on the horizon for Californians insuring homes in high-risk wildfire areas? The CA Department of Insurance is rolling out a plan to boost home insurance coverage in these high-risk areas. This includes a new map pinpointing where insurers need to step up. Big changes ahead to protect your homes and communities! #InsuranceNews #Renaissance

Jonathan Naranjo of Newfront Insurance and Nathan Tjandrawinata, BA, CIP, CMGA from Beacon discuss the escalating challenges facing insurers in wildfire-prone regions. Learn more about the strains on California's FAIR Plan and implications for insurance markets. https://hubs.la/Q02GYVJR0

"Your goal is to never use your insurance. But it is a great feeling when I talk to farmers, and they tell me that they were grateful to be fully covered for their loss." Our father-daughter agent duo from Rural Mutual Insurance: Pulsfus Insurance Agency spoke to FarmProgress on the importance of keeping your farm insurance up to date. Check out the full article below! #wisconsinstrong #ruralmutualinsurance #farmprogress

As insurers decline to renew or write insurance in the face of increased risk of severe wildfires driven by climate change, Colorado's Insurance Commissioner is leading with a legislative proposal to make sure insurers account for property and landscape scale mitigation which reduces risk. Dave Jones, former California insurance commissioner and current director of CLEE’s Climate Risk Initiative, applauds the effort, stating, “The legislation would make a real difference for Coloradans in terms of insurance availability and potentially pricing.” Colorado Insurance Commissoner Mike Conway's proposal aims to require insurers to incorporate wildfire mitigation into their pricing and underwriting models, ensuring homeowners, businesses and communities are rewarded for "hardening" their properties, maintaining defensible space, and investing in landscape scale forest management. With insurance premiums skyrocketing and coverage becoming scarce, this legislation offers a potential path to keep insurance available as well as encourage more investments in mitigation. Learn more about Dave Jones’ perspective and the significance of this legislation here: https://lnkd.in/gB-Rh3te

With California said to have experienced the most costly set of wildfires with estimates up to $30 Billion in losses, policyholders on FAIR Plan could be about the experience their next big fight. State officials created the FAIR Plan in 1968 to offer cover for people in wildfire prone areas who cant get cover from private insurers. The Californian FAIR Plan has a total insurance exposure on $458 Billion as of September 30th 2024. As of January 10th it is reported that the plan only has $377 Million to pay claims. With FAIR Plan responsible for an estimated $8 Billion of losses from the current fires, and exposure in Palisades of up to $4 Billion, the numbers don't seem to be adding up. More than 452,000 residential policies are in place with FAIR Plan, and the number of homes covered nearly doubled between 2023 - 2024. So far, more than 3600 policy holders have submitted claims due to the current crisis, and with a history of claims handling violations they may find that the worst is yet to come. The Plan is a consortium of roughly 300 insurance companies that conduct business in the state, and its reported that in recent years it has generated more profits than losses. The California Department of Insurance will have its hands full in the aftermath of the fires, and policyholders could be on the hook for some of the losses after a deal agreed by the departments Ricardo Lara changed policy details from last July. #California #Wildfires #Insurance #Palisades