Find out how to get the full benefits of homeowners insurance for wildfires.

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Learn how and why insurance companies can cancel policies

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In this interview on KNBC TV News, insurance expert Karl Susman provides important insights for families affected by home fires. He explains how your homeowner’s insurance payout works, whether you're rebuilding or moving elsewhere, and why keeping track of communication with your insurance company is crucial.

Hashtags: #InsuranceTips #HomeownersInsurance #WildfireRecovery #KarlSusman #InsuranceAdvice #RebuildOrMove #KNBC #ConsumerAdvice #HomeInsurance #KarlSusman

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2025 01 31 - The video covers an episode of Insurance Hour hosted by Karl Susman featuring special guest Debbie Bremner, a real estate expert with 48 years of experience in Los Angeles and Ventura County. The discussion focuses on the impact of California wildfires on the real estate market. Key topics include market dynamics, where Bremner notes that inventory has significantly decreased while demand remains high, potentially causing short-term price increases. She discusses consumer protections against price gouging, noting a $10,000 penalty and possible one-year prison sentence for violators. The conversation also covers mortgage lending impacts, with Bremner explaining that a moratorium has been placed on financing within a 10-mile radius of disaster areas. She emphasizes the long-term socioeconomic impacts, noting that 70% of Angelenos were living paycheck to paycheck pre-fire, and discusses various scams targeting vulnerable homeowners. The discussion concludes with Bremner's outlook on recovery, suggesting it could take years for affected areas to return to normal.

Highlights

Introduction and Market Impact of California Wildfires

Karl Susman introduces the show and guest Debbie Bremner, a real estate expert with 48 years of experience. Bremner discusses the immediate impact of wildfires on the real estate market, noting a significant reduction in inventory and potential short-term price increases due to displaced persons seeking housing.

Consumer Protection and Price Gouging

Bremner explains legal protections against price gouging, highlighting that rental increases are limited to 10% above pre-fire rates. She mentions a $10,000 penalty and possible one-year prison sentence for violators, emphasizing the importance of reporting such incidents.

Property Valuation and Rebuilding Decisions

Discussion covers property appraisal challenges post-fire, with Bremner explaining how land values are assessed and the factors affecting rebuilding decisions. She emphasizes the importance of considering community infrastructure in valuation.

Mortgage and Lending Impact

Bremner details the mortgage lending moratorium in disaster areas, explaining its impact on current transactions and property closings. She discusses the five major lenders' agreement with Governor Newsom regarding payment obligations.

Future Outlook and Recovery

Bremner provides her long-term outlook, suggesting recovery could take years. She notes the 3% housing availability in Los Angeles and emphasizes the need for smart legislation and community planning to prevent future disasters. She discusses the challenges of rebuilding infrastructure and the importance of addressing climate change impacts.

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Karl Susman, an insurance expert, explains the realities of wildfire insurance in California, from payout delays to rising costs. With entire communities affected, homeowners face tough decisions—rebuild, relocate, or cut losses. Susman reveals what’s really happening with claims, policies, and the future of insurance in high-risk areas.

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Karl Susman, an insurance expert, explains the realities of wildfire insurance in California, from payout delays to rising costs. With entire communities affected, homeowners face tough decisions—rebuild, relocate, or cut losses. Susman reveals what’s really happening with claims, policies, and the future of insurance in high-risk areas.

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2025 01 24 - In this episode of Insurance Hour, Karl Susman addresses a wide range of insurance-related questions from listeners. Topics include managing deductibles to lower premiums, deciding whether to place a teen driver on their own auto insurance policy, understanding the necessity of flood and earthquake insurance, and clarifying the differences between term and whole life insurance. Karl also emphasizes the importance of umbrella policies for liability protection and renters insurance for safeguarding personal property and liability. Additionally, the episode highlights high-risk auto insurance options and strategies for reducing rates over time. Sponsored by GeoVera, the show offers actionable insights for navigating the complexities of insurance.



Highlights

Show Introduction and Format Overview

Karl Susman introduces Insurance Hour and explains the show's format, including how listeners can submit questions via phone (559-656-0317) or email ([email protected]). He emphasizes that questions are answered live without pre-screening.

Homeowner's Insurance Deductibles Discussion

Addressing Erica from Boise's question about homeowner's insurance deductibles, Karl explains that while higher deductibles can lower monthly premiums, the choice depends on individual circumstances and ability to pay the deductible amount in case of a claim.

Teen Driver Insurance Considerations

Responding to Kevin from Dallas about insuring a teenage daughter, Karl discusses the concept of insurable interest and explains why simply putting a teen on their own policy isn't always possible or advisable. He emphasizes the importance of vehicle registration and financial responsibility.

Mortgage Refinancing and Insurance Impact

Karl addresses how changing mortgagees affects homeowner's insurance, explaining that while simply changing lenders typically doesn't affect policy terms or costs, having multiple mortgages might impact future underwriting decisions.

Earthquake and Flood Insurance Coverage

Karl emphasizes that neither earthquakes nor floods are covered under standard homeowner's policies. He discusses GeoVera's earthquake coverage and explains why flood insurance requires separate policies, particularly important for properties in flood-prone areas.

Gender Differences in Life Insurance

Responding to Max from Ohio, Karl explains that women typically pay 5-10% less than men for life insurance due to longer life expectancy and statistically lower engagement in risky activities. He also discusses gender-neutral policies and their pricing structure.

Wanna text us?

Insurance Hour is hosted by renowned insurance expert Karl Susman. Karl is a frequent guest on television stations such as ABC, CBS, Spectrum, The CW and FOX, and now his popular radio program is available online throughout California and world-wide.

Listeners can now tune in to Insurance Hour on great AM radio station KMET throughout the state of California.

In addition to traditional radio, Insurance Hour is available on several popular streaming platforms, ensuring that listeners can access the show at their convenience.

Audiences worldwide can now enjoy Insurance Hour at InsuranceHour.com, on YouTube, Amazon Music, Tuneln, Alexa, Apple Podcasts, and the iHeartRadio app.

For more information about "Insurance Hour" and its programming, please contact Lara Starr at [email protected]

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Insurance expert Karl Susman discusses the challenges facing California's FAIR Plan after the devastating Los Angeles County fires. With claims nearing $6 billion, homeowners on the plan may face delays in claim payouts, but Susman highlights that coverage remains intact. Learn about the state of the homeowner's insurance market and what it means for Californians.

Hashtags:
#KarlSusman #CaliforniaFAIRPlan #HomeInsurance #LAFires #FirePrevention #InsuranceExpert #CaliforniaNews

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