Natural disasters hit the US hard in 2017. The National Oceanic and Atmospheric Administration estimates the economic impact from these natural disasters was $306 Billion dollars.
Individuals impacted by the hurricanes and wildfires faced the daunting task of beginning administrative tasks of filing claims, often with no physical record of their belongings. During personal tragedy, the task of finding safety and rebuilding life is often curtailed by red tape.
The impact of wildfires in the state of California in 2017 prompted legislative action this week. The Mercury News reported 17 January, 2018, “A package of 10 proposals, unveiled by Jones and lawmakers representing areas devastated by the Wine Country and Thomas fires, aims to bolster consumer protections in future disasters. The bills would allow homeowners more time to rebuild as they grapple with construction delays fueled by an overwhelming demand for labor, for example, and give them the option of recouping personal property losses — 80 percent of their policy limits — without painstakingly documenting each item lost.”
On Thursday, California Insurance Commissioner Dave Jones released the results of the formal notice he issued last month to all residential property insurers requesting they provide up to 100 percent of contents coverage limits for fire survivors who experienced a total loss and relieve them from the requirement of providing a detailed home inventory. California wildfire claims top $9.4B thus far.
The insurers that agreed to Jones’ request have 97 percent of the total-loss insurance claims for policyholders who experienced a residential loss. These insurers have agreed to increase their contents payments beyond the 25 percent they already agreed to in response to Jones’ prior notice, which asked insurers to expedite claims payments, according to the California Department of Insurance.
Insurers have also agreed Jones’ request to make payments without an inventory ranging from 50 percent up to 100 percent of contents coverage limits, with many insurers agreeing to at least 75 percent or even 100 percent, according to the CDI.
The insurers with total loss claims that have so far agreed to waive the inventory for a percentage of contents coverage based upon the Jones’ request are:
State Farm Group; Farmers Group (including Foremost); CSAA, Liberty Mutual/Safeco; Allied/Nationwide; USAA; Travelers; Allstate (including Encompass); Hartford; California Capital; Homesite; Chubb; Auto Club of Southern California; American Modern; Aegis Security; National General; Mercury; AIG; Ameriprise; QBE; FAIR Plan; TOPA; Universal North American Ins; First American Title; Western Mutual; Wawanesa; Stillwater Insurance; Horace Mann; Amica; MAPFRE; and Kemper.
Check your home and business policies. Check your policy providers to know where you stand before you need the benefits from any policy.
We proactively help you assess your situation in business and home and explore ways for you to protect what is important to you by asking questions. What is your risk? Your plan? Are you ready to be ready? We’re here when you are.
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