The website contains a host of consumer information that will help residents purchase homeowners insurance. It is especially important to visit the site for first time insurance buyers. By accessing the site, California residents can utilize the Homeowner's Premium Survey.
Estimated Homeowner Insurance Premium
The survey allows residents to insert the home's location, type of coverage sought, amount of coverage and the age of home. The survey then calculates how much it would cost to insure the home.
In addition to listing the estimated annual premium, the homeowners premium survey lists all insurance companies in the local area that provide such insurance. Next to each insurance company is a link for the consumer to click on for additional insurance company information. Upon clicking the link the consumer can find the name, address, phone number and licensed insurance agents in the area.
Consumer Homeowner Complaint Listing
Before contacting the insurance agents, California residents should access the Consumer Homeowners Complaint listing. The list contains the ranking of insurance companies by complaint ratio. In other words, the complaint is weighted against the amount of approximate exposure over a period of several years. Therefore, a company that has an exposure of $178,000,000 with one complaint has a more favorable ranking than an insurance company with an exposure of $66,000,000 and five complaints.
Be advised however that the complaints are not frivolous complaints. According to the California Department of Insurance website, these are justified complaints.
Contact the Insurance Broker
Armed with the above information, California homeowners can actively participate in the insurance process. While consumers cannot negotiate the coverage, they do have a ballpark indication of how much it would cost to insure their home. Homeowners should keep in mind, however, that there are varying deductibles, coinsurance requirements and coverage enhancements that may either increase or lower the estimated annual premium. The insurance agent should be able to fully explain the premium differential.
California FAIR Plan
For those homeowners who are having a difficult time obtaining homeowners insurance through the traditional insurance markets, the California Department of Insurance website offers the link for the California FAIR Plan. The FAIR Plan (Fair Access to Insurance Requirements) offers insurance for those difficult to insure risks. After a homeowner has attempted to purchase insurance through the traditional market and has been turned down with no viable insurance options, those homeowners can turn to the FAIR Plan to purchase insurance coverage.
The FAIR Plan only covers properties that are located in the urban for designated brush areas. The website contains a complete listing of locations that are considered urban and brush areas.
To obtain coverage, it is recommended that the homeowner utilize the services of an insurance broker and have the broker submit the application to the FAIR Plan on the homeowner's behalf. The broker is not allowed to charge a fee for submitting the application to the FAIR Plan. Alternatively, homeowners can approach the FAIR Plan directly but it is strongly recommended that they do so with the professional guidance of an insurance professional.
Felicia A. Williams - Felicia A. Williams is a full time freelance writer with over 20 years of business writing experience.
