Dave Jones, perhaps the worst ever insurance commissioner California has ever had, will be responsible for skyrocketing homeowners rates in the state over the years to come. The voters called this right on not electing him as AG!
I can’t understand why he thinks an insurance company can justify 75-100% personal property payout. I know of probably three clients that would actually qualify for their personal property being any where near that amount that is on their home. Especially homes in California starting at $350,000, you’re talking $105,000 at the low end of the spectrum for personal property. I can easily replace all of my possessions minus my car for $20,000. Not to even mention the people that are going to hear about him asking for this and demand the amount. Absolutely bonkers.
If that is true, aren’t the insureds being asked to pay for a coverage limit they will never use and don’t need with no opportunity to reduce it and the cost? Sounds like phantom coverage and insurance company fraud to me.
Also, after a wildfire, is it reasonable to expect customers remember everything they had and if they don’t, let them (the least able to deal with it) absorb the cost?
This commissioner spends other people’s money to fund his campaign. Asking companies to overpay for short term personal political gain. Also, the tax payer funded DOI website is really a personal campaign website for him. The DOI websites of other states do not even come close to the personal publicity he posts.
The last 15 years I’ve been a GA for an insurance carrier, this includes handling all total loss home fires in my multi-state region. I can tell you that the Replacement Cost claims for the contents reached the policy limits 95% of the time. On average depreciation amounted to about 25-35%. I think it is a great idea to request payment up to 75% of the contents limit without a detailed inventory in these wildfire zones.
Contents claims will drag out months beyond the structure claim and are nothing but an expense drain itemizing down to toothpicks and toothpaste.
Dave Jones, perhaps the worst ever insurance commissioner California has ever had, will be responsible for skyrocketing homeowners rates in the state over the years to come. The voters called this right on not electing him as AG!
I can’t understand why he thinks an insurance company can justify 75-100% personal property payout. I know of probably three clients that would actually qualify for their personal property being any where near that amount that is on their home. Especially homes in California starting at $350,000, you’re talking $105,000 at the low end of the spectrum for personal property. I can easily replace all of my possessions minus my car for $20,000. Not to even mention the people that are going to hear about him asking for this and demand the amount. Absolutely bonkers.
If that is true, aren’t the insureds being asked to pay for a coverage limit they will never use and don’t need with no opportunity to reduce it and the cost? Sounds like phantom coverage and insurance company fraud to me.
Also, after a wildfire, is it reasonable to expect customers remember everything they had and if they don’t, let them (the least able to deal with it) absorb the cost?
This commissioner spends other people’s money to fund his campaign. Asking companies to overpay for short term personal political gain. Also, the tax payer funded DOI website is really a personal campaign website for him. The DOI websites of other states do not even come close to the personal publicity he posts.
The last 15 years I’ve been a GA for an insurance carrier, this includes handling all total loss home fires in my multi-state region. I can tell you that the Replacement Cost claims for the contents reached the policy limits 95% of the time. On average depreciation amounted to about 25-35%. I think it is a great idea to request payment up to 75% of the contents limit without a detailed inventory in these wildfire zones.
Contents claims will drag out months beyond the structure claim and are nothing but an expense drain itemizing down to toothpicks and toothpaste.