Do you live in Laguna Beach, or one of the other towns blasted by the deluge of rain we saw in December, 2010? Do you live in Tustin? Many don’t realize how often this area gets flooded.
A recent Los Angeles Times article mentioned how the cost of home insurance is expected to rise again this year, for the third year running.
According to the Insurance Information Institute, premiums are likely to rise 2-3% on average, with coastal areas seeing the largest increases. You may think that they are only referring to places like Florida and Louisiana, where hurricanes hit, but it’s actually all coastal areas. The damage to homes from rain and winter weather and the higher costs for the materials needed for repairs that have driven up prices for home insurance.
And although we don’t get hurricanes, thank goodness, we do get flash floods when it rains here in Southern California. Many homes and businesses in Laguna Beach were heavily damaged or completely destroyed right before Christmas last year. Many sadly found out that they weren’t covered under their homeowner’s insurance policy.
Two major insurance companies, Allstate and State Farm, saw their overall homeowners insurance clients’ premiums increase by over 7% in 2010, and Allstate’s Tom Wilson, the Chief Executive, was quoted as saying recently that “you should expect to see it go up” in 2011, too.
What should you do? Shop around, that’s for sure. And BMR Insurance can do this for you. As an independent agency, we aren’t locked in to one insurance company for our customers. That gives us more flexibility to find not only the best price for you, but the best coverage for your needs.
And remember, flood insurance is NOT usually covered in your homeowner’s insurance policy. Are you covered? Let us help you find out, and get you covered right away, BEFORE another rainy spell starts! We’ve had some rain already this week, and more is expected over the weekend. As always, a real live person will pick up the phone when you call BMR Insurance—personal and attentive customer service is what we pride ourselves on. Call us now for a free consultation and insurance quote: (714) 838-1911