[CarlsbadMtnBiker]

Your base coverage may be a little light and you also need to ensure the code upgrade (increased cost due to building laws or ordinance) coverage is truly additional insurance. Very often this 10% code upgrade coverage is included within your Cov. A limit. As mentioned by another, debris removal is usually considered additional insurance along with trees, shrubs and other plants coverage. The only way to know your accurate rebuild SF cost is to have a qualified GC bid it based on exact like, kind and quality yourself. The valuation programs used by insurance co’s can never replace this and are usually missing the data needed to be even marginally accurate.

[CarlsbadMtnBiker]

Your base coverage may be a little light and you also need to ensure the code upgrade (increased cost due to building laws or ordinance) coverage is truly additional insurance. Very often this 10% code upgrade coverage is included within your Cov. A limit. As mentioned by another, debris removal is usually considered additional insurance along with trees, shrubs and other plants coverage. The only way to know your accurate rebuild SF cost is to have a qualified GC bid it based on exact like, kind and quality yourself. The valuation programs used by insurance co’s can never replace this and are usually missing the data needed to be even marginally accurate.

[CarlsbadMtnBiker]

Your base coverage may be a little light and you also need to ensure the code upgrade (increased cost due to building laws or ordinance) coverage is truly additional insurance. Very often this 10% code upgrade coverage is included within your Cov. A limit. As mentioned by another, debris removal is usually considered additional insurance along with trees, shrubs and other plants coverage. The only way to know your accurate rebuild SF cost is to have a qualified GC bid it based on exact like, kind and quality yourself. The valuation programs used by insurance co’s can never replace this and are usually missing the data needed to be even marginally accurate.

[CarlsbadMtnBiker]

Your base coverage may be a little light and you also need to ensure the code upgrade (increased cost due to building laws or ordinance) coverage is truly additional insurance. Very often this 10% code upgrade coverage is included within your Cov. A limit. As mentioned by another, debris removal is usually considered additional insurance along with trees, shrubs and other plants coverage. The only way to know your accurate rebuild SF cost is to have a qualified GC bid it based on exact like, kind and quality yourself. The valuation programs used by insurance co’s can never replace this and are usually missing the data needed to be even marginally accurate.

[CarlsbadMtnBiker]

Your base coverage may be a little light and you also need to ensure the code upgrade (increased cost due to building laws or ordinance) coverage is truly additional insurance. Very often this 10% code upgrade coverage is included within your Cov. A limit. As mentioned by another, debris removal is usually considered additional insurance along with trees, shrubs and other plants coverage. The only way to know your accurate rebuild SF cost is to have a qualified GC bid it based on exact like, kind and quality yourself. The valuation programs used by insurance co’s can never replace this and are usually missing the data needed to be even marginally accurate.

[CarlsbadMtnBiker]

Thanks sddreaming ..

I hope they nail those greedy landlords somehow for trying to take advantage of the fire victims.

[CarlsbadMtnBiker]

Thanks sddreaming ..

I hope they nail those greedy landlords somehow for trying to take advantage of the fire victims.

[CarlsbadMtnBiker]

Thanks sddreaming ..

I hope they nail those greedy landlords somehow for trying to take advantage of the fire victims.

[CarlsbadMtnBiker]

“Submitted by sddreaming on October 28, 2007 – 2:01pm.
Okay dingo, I agree with #1. There will be a stimulus to the construction market this coming year. But I guess that’s as far as I agree.

The rent market is tight, however I already saw somewhere a restriction in rent rate increases. Rents are not supposed to be increased over the next 6 months to a rate higher than 30 days before the fire. Now I have to look and see where I saw that.”

sddreaming,

Do remember where you saw this info on the rent increase restriction?

Thanks..

-CMB

[CarlsbadMtnBiker]

“Submitted by sddreaming on October 28, 2007 – 2:01pm.
Okay dingo, I agree with #1. There will be a stimulus to the construction market this coming year. But I guess that’s as far as I agree.

The rent market is tight, however I already saw somewhere a restriction in rent rate increases. Rents are not supposed to be increased over the next 6 months to a rate higher than 30 days before the fire. Now I have to look and see where I saw that.”

sddreaming,

Do remember where you saw this info on the rent increase restriction?

Thanks..

-CMB

[CarlsbadMtnBiker]

“Submitted by sddreaming on October 28, 2007 – 2:01pm.
Okay dingo, I agree with #1. There will be a stimulus to the construction market this coming year. But I guess that’s as far as I agree.

The rent market is tight, however I already saw somewhere a restriction in rent rate increases. Rents are not supposed to be increased over the next 6 months to a rate higher than 30 days before the fire. Now I have to look and see where I saw that.”

sddreaming,

Do remember where you saw this info on the rent increase restriction?

Thanks..

-CMB

[CarlsbadMtnBiker]

Lookoutbelow..,

Let’s put this in perspective; Insurance carriers cannot simply raise rates without first going through a lengthy rate increase filing with the CA Dept. of Insurance that is scrutinized at many levels. Even a 50% increase would be unlikely. 300% .. no way. The broker you mention is prepping you for your next renewal when he’ll be screwing you.

The reason why so many of the cedar victims saw rate increases was most likely not due to a rate increase. It was likey because they became properly insured after the fire. Their underinsurance was due to improper disclosure, improper review or an incompetent agent or all of the above.

Calif is still a great risk for insurers and they are not going anywhere, at least not because of a 1 billion dollar event. That is chump change compared to a good Hurricane or Earthquake. Remember, earthquake is not covered under the homeowners policy and can only be purchased through a state sponsored program with huge deductibles. I believe the southeast U.S. still has much higher claim frequency rates, though the severity may be a little less for your average hurricane event. Hurricanes result in a higher number of claims, but the average payout is less (think a lot of new roofs vs. a completely destroyed house) We had a little over 1K homes destroyed and the remainder of the claims were minor to moderate damage only or hotel expense claims for evacuation. The latter two are low dollars claims compared to the total loss ones.

Overall, when you spread the claims across all the carriers doing business in Calif., I’m sure even the largest (State Farm, Farmers, Allstate) are getting no more than 200 total loss claims and the numbers go down from there with the smallest carriers getting maybe 5-10.

Also, keep in mind the reinsurance most of these carriers carry themselves. They will recover a portion of their loss dollars depending on their reinsurance coverage. Major players like General Re (Gen Re) and other international companies will be sharing some of this pain.

– CMB

[CarlsbadMtnBiker]

Lookoutbelow..,

Let’s put this in perspective; Insurance carriers cannot simply raise rates without first going through a lengthy rate increase filing with the CA Dept. of Insurance that is scrutinized at many levels. Even a 50% increase would be unlikely. 300% .. no way. The broker you mention is prepping you for your next renewal when he’ll be screwing you.

The reason why so many of the cedar victims saw rate increases was most likely not due to a rate increase. It was likey because they became properly insured after the fire. Their underinsurance was due to improper disclosure, improper review or an incompetent agent or all of the above.

Calif is still a great risk for insurers and they are not going anywhere, at least not because of a 1 billion dollar event. That is chump change compared to a good Hurricane or Earthquake. Remember, earthquake is not covered under the homeowners policy and can only be purchased through a state sponsored program with huge deductibles. I believe the southeast U.S. still has much higher claim frequency rates, though the severity may be a little less for your average hurricane event. Hurricanes result in a higher number of claims, but the average payout is less (think a lot of new roofs vs. a completely destroyed house) We had a little over 1K homes destroyed and the remainder of the claims were minor to moderate damage only or hotel expense claims for evacuation. The latter two are low dollars claims compared to the total loss ones.

Overall, when you spread the claims across all the carriers doing business in Calif., I’m sure even the largest (State Farm, Farmers, Allstate) are getting no more than 200 total loss claims and the numbers go down from there with the smallest carriers getting maybe 5-10.

Also, keep in mind the reinsurance most of these carriers carry themselves. They will recover a portion of their loss dollars depending on their reinsurance coverage. Major players like General Re (Gen Re) and other international companies will be sharing some of this pain.

– CMB

[CarlsbadMtnBiker]

Lookoutbelow..,

Let’s put this in perspective; Insurance carriers cannot simply raise rates without first going through a lengthy rate increase filing with the CA Dept. of Insurance that is scrutinized at many levels. Even a 50% increase would be unlikely. 300% .. no way. The broker you mention is prepping you for your next renewal when he’ll be screwing you.

The reason why so many of the cedar victims saw rate increases was most likely not due to a rate increase. It was likey because they became properly insured after the fire. Their underinsurance was due to improper disclosure, improper review or an incompetent agent or all of the above.

Calif is still a great risk for insurers and they are not going anywhere, at least not because of a 1 billion dollar event. That is chump change compared to a good Hurricane or Earthquake. Remember, earthquake is not covered under the homeowners policy and can only be purchased through a state sponsored program with huge deductibles. I believe the southeast U.S. still has much higher claim frequency rates, though the severity may be a little less for your average hurricane event. Hurricanes result in a higher number of claims, but the average payout is less (think a lot of new roofs vs. a completely destroyed house) We had a little over 1K homes destroyed and the remainder of the claims were minor to moderate damage only or hotel expense claims for evacuation. The latter two are low dollars claims compared to the total loss ones.

Overall, when you spread the claims across all the carriers doing business in Calif., I’m sure even the largest (State Farm, Farmers, Allstate) are getting no more than 200 total loss claims and the numbers go down from there with the smallest carriers getting maybe 5-10.

Also, keep in mind the reinsurance most of these carriers carry themselves. They will recover a portion of their loss dollars depending on their reinsurance coverage. Major players like General Re (Gen Re) and other international companies will be sharing some of this pain.

– CMB

[CarlsbadMtnBiker]

Nice Raybyrnes. That is great info and advice. Can you post your source and/or a web link for those interested.

This is a must do, even if only to stash it in a FDIC insured money market accout paying 5%. Thx.

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