The 2018 California Wildfires brought unprecedented destruction and loss to the region. The total value of insurance claims is estimated to exceed $13 billion. While some have theorized that Pacific Gas & Electric (PG&E) will reimburse insurance companies as a result of its negligence to maintain trees and equipment that caused the destructive wild fires, many believe this will not be the case.

The total damages expected to fall on PG&E exceeds $30 billion, most of which will go towards municipalities before it goes to the insurance companies. This is omitting any lawsuits that have yet to be filed. Also, much of what PG&E will be required to pay will come from…its insurance policy.

Alternative Options to the Standard Market

Many of our clients have opted for alternative options to the standard insurance programs most are accustomed to purchasing to cover their property. These alternative approaches are allowing our clients to save money while still insuring their property to a level that they feel comfortable.

Many of these options are backed by the state of California and allow the client to have key coverage for fires, water leaks, vandalism, etc. while saving, in many cases, 60-80%. There is no limit to property size and geographic location on these alternative programs.

For more information about alternatives to standard insurance programs for property coverage, please contact Rancho Mesa Insurance Services at (619) 937-0164.