Our carrier of 20 years left the state. Our broker found coverage for our live/work property in Berkeley at an exorbitant rate – 18$k annually with fees . In her search she said no company would insure properties in an MUR zone. We’ve had no claims in 23 years; we are not in a fire zone.
sandy Simon asked 2 months ago 1 Answers
Shirley Brown Expert answered 1 month ago Hi Sandy,
Unfortunately your agent’s response is vague and I do not know what a MUR zone is. Berkeley is not a serious fire zone. However, without an address it is difficult to determine if your location is in a higher risk area. I suspect that the type of business shared at the location, building age, and possible lack of updates of your building may factor into the rate. Based on the current availability of coverage even within the surplus lines markets, the premium and fees can be high in a perfect situation.
I recommend you ask your agent what you can do to the building and within the policy to allow a reduction in your rate, such as the following to increase affordability:
-Find out what discounts are available, ask for those you qualify for
-Bundle home, auto, umbrella policies with one insurer if possible
-Work with a pro-active insurance agent/broker
-Raise your deductible ($2,500, $5,000, $10,000, $20,000)
-Reduce/eliminate buckets of coverage you can live without (High dollar limits on contents, Other Structures)
-Mitigate: Harden your home, create defensible space and give your insurer proof (invoices, photos, documentation)
-Do what you can to improve your risk profile (install a moisture sensor, alarm…)
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