Busy Week for Those Assessing Damage from Napa Quake

By | August 29, 2014

  • September 2, 2014 at 2:22 pm
    Chico says:
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    E&O bonanza!

  • September 11, 2014 at 4:17 pm
    MrInsBrokerCA says:
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    let’s see a follow up article examining this and past earthquakes for total number of insured claims, total insured damaged, and amount paid out. I’m wondering if this analysis would not confirm what the general public seems to already believe:

    a) The likelyhood of a total loss is real, but happens to a very small percentage of properties.

    b) Most insured properties do not sustain damages in excess of their very high deductibles.

    c) The relationship between premiums paid, and claims paid makes this the most expensive insurance
    a consumer can buy next to home and equipment warrantee policies.

    Prior to the political manuevering that created the crisis which later gave birth to the CEA, policies
    were generally available on a broader coverage basis at far lower premiums ie: from 25% to 100% of
    the HO-3 premium. If we had that now, we might see something like 25% or more homeowners buying the coverage. Instead we see coverage that ignores high Contents values, insults people by not
    proving realistic limits for Loss of Use, and is offered at thousands a year for the lower end of the
    market that needs it most, and can least afford it.

    All agents are consumers first, and consumer advocates as well. We know that most if not all auto
    policies include both Earthquake and Flood coverage in their Comprehensive coverage, and so it seems we could easily do the same with Homeowners. Everytime there has been a push for this it
    has been shot down by insurers. Why? Not because they are afraid of going out of business, they
    manage to do that anyway!



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