For insurance resources and advice, visit ParadiseChamber. com’s business directory and rebuildparadise. org/insurance/.
Insurance uncertainty continues for the Ridge
A
s much of the focus this year has been on the Covid-19 pandemic, we are still facing significant challenges in the pricing and availability of property insurance in all California wildfire zones. Whether it is homeowners, renters, residential rentals, commercial property or business owner protection you are seeking, the quantity of insurance companies available and quality of coverage being offered are markedly varied. While some changes have occurred by order of the California Department of Insurance, Ridge residents remain plagued with the underlying woes of losing coverage and increasing rates.
While 2019 was a comparatively mild wildfire season in California, the $25 billion in losses caused from 2017-2018 fires led to a significant increase in reinsurance costs. Reinsurance is a repository for well-known insurance companies to offload some of the risks of a major catastrophe. Historically, reinsurance companies did not underwrite heavily for wildfire catastrophe, focusing instead on hurricanes, earthquakes and tornados. Now wildfire is highly scrutinized in underwriting and the cost of this reinsurance--which is not regulated-- has
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Serving the North Valley Since 2005. When buying or selling your home, call Jamie today!
Over 30 years of experience Call Stan Today! Stan McDaniel, Owner • General Building Contractor Lifetime Ridge Resident
530-966-4159
Jaime McDaniel GRI, CLHMS Realtor Ca BRE#01446848
530-966-4160 1834 Mangrove Ave., Chico
Fax: 530-899-7978 • Email: 2jaimemcdaniel@gmail.com Each office independently owned and operated PARADISE RISING Resource Guide for the Ridge FALL/WINTER 2020..................................................................................................73
