Re-insurance and Wrap policy Andrew Becker asked 2 weeks ago
Re-insurance and Wrap policy

I lost my homeowners insurance about two and a half months before the Palisades fire. At the time, I was insured through State Farm and then transitioned to the California FAIR Plan. Since the fire, State Farm has declined to continue providing the wrap policy for the property.

Given that, will I be able to obtain affordable homeowners insurance after rebuilding if companies like State Farm are unable or unwilling to provide wrap coverage? And will the California FAIR Plan be my only option for fire coverage going forward?

1 Answers
Answer for Re-insurance and Wrap policy United Policyholders Staff answered 2 weeks ago
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Hi Andrew, it has been difficult for many consumers to secure proper and affordable coverage for their homes. We understand your concerns, especially given that you sustained a significant loss with the recent wildfires.

Given the ever-changing insurance landscape, we recommend confirming that you currently have adequate coverage and, as you rebuild, shopping around with a reputable broker or agent for alternative policies that could replace your FAIR Plan.

There are several companies that may offer homeowners policies or wrap-around (DIC – Difference in Conditions) policies to complement your FAIR Plan. UP provides excellent resources on this subject, including:

Tips for Choosing a Good Insurance Agent or Broker

https://uphelp.org/buying-tips/picking-a-good-insurance-agent-or-broker/

Tips for Shopping for Insurance

https://uphelp.org/buying-tips/shop-smart-tips-for-insuring-your-home/

https://uphelp.org/buying-tips/dropped-by-your-home-insurer-dont-panic-try-our-tips/

The Lowdown on the FAIR Plan

https://uphelp.org/buying-tips/the-lowdown-from-up-on-the-california-fair-plan-the-last-resort-option-for-insuring-your-home/

We hope your rebuild goes smoothly.

UP Staff