CA thought of that. What if you CAN’T non-renew. Ha, take that insurers.
Is that even legal
IIRC, this was politicians and the Watch Dog group trying to “stick it to the business.” The usual answer: stop writing new business and let attrition take care of your current book.
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The DOI makes the rules, they can do what they want.
But they cannot violate state law, though.
Yes. Solar panels attached to your roof should be Cov A, and where you are wind cannot be excluded in the state, so you have wind coverage as long as you have a policy.
This doesn’t even make sense. Coinsurance penalties could theoretically be a thing, but doubtful for only a solar panel addition.
My dtr was banging on the keyboard and this post turned red, so I’m not sure if she did a thing or not. O_o
aren’t solar panels expensive? That can’t just be automatically covered if it breaches your Cov A limits, that is, if the insurer is not stoopid
Average $20K for a whole system.
I don’t think this includes a electricity Storage unit, which can be from $5K to 10K, should you actually want electricity when the grid goes out.
I did see an interesting item at Costco: a battery pack! Plug it into the wall (instead of a gasoline-run one), and it will store energy in case you need it later. Runs a refrigerator for 7 hours (good for planned power outages, I guess, not days-long hurricane-caused outages, and I’d have to make a Sophie’s Choice for which refrigerator’s food to save). AND, it can take power from your own solar grid. $500 for 500 Watts.
I “love” how the storm hit right at quarter end, when boards of directors are more likely to take a keen interest in IBNR.
Katrina hit when I was supporting a fledgling excess property business. I remember spending a weekend looking at post-storm aerial photos, looking for our insured properties, trying to come up with a plausible IBNR figure since that storm was also at a quarter-end, creating added pressure to disclose…
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In case anyone was wondering, Citizens has a web page discussing potential assessments:
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I’m guessing it is technically beyond the quarter close date for some insurers, but regardless it will be a hot topic on every quarterly earnings call.
Anything affixed to the dwelling is covered under CovA along with the dwelling itself. The only way it breaches the limits (unless super cheap house I guess, or it isn’t insured to value as a whole) is in the event of total loss and the whole house+panels are destroyed. They do not have to be separately scheduled unless some super specific setup out in the yard when not actually connected to the main structure.
that seems like an issue for the insurer. In the event of a total loss, 20k is not insignificant. That would mean these houses are all underinsured if not taking into account of solar panels.
In the event of a total loss, the scheduling of property will likely be irrelevant. Policyholder gets their payout and it’s up to the policyholder in how they’re going to pay for rebuilding.
And 20k on a policy insured for 750k is rather insignificant–especially in a (near) total loss situation.
Looks like Karen Clark is projecting $63b in insured losses, above the $20-$40b projections mentioned in the story in the OP
Just a reminder that flood insurance on your car is generally included automatically under your car’s Comprehensive coverage, if you bought this optional coverage. After a flooding a lot of cars are going to be too expensive to repair, will be declared total losses by the insurer, and will be paid according to Actual Cash Value (depreciated value), minus a deductible.