In a recent discussion, Karl Susman explores the significant potential of a bailout for the California FAIR Plan. As customer concerns grow about the plan's stability and efficiency, it's important to highlight that claims are being processed and payouts are underway. Although the timeline may be longer than with private insurers, the key takeaway is that payouts are happening. Stay informed as these developments progress, ultimately benefiting all policyholders.

1 1

Karl Susman explores the intricate world of insurance rates and risk profiles. He explains how individual risk assessments can lead to potential rate increases, offering valuable insights into the factors that may impact policyholders. Additionally, Karl tackles a major concern: whether insurance companies can effectively handle current claims. Tune in as we dive into these important topics and gain a clearer understanding of what the future holds for the insurance industry. #Insurance #RiskManagement #InsuranceRates #InsuranceIndustry #InsuranceHour #InsuranceExpert

2 0

0

2025 03 14

Summary

The video covers a detailed discussion by host Karl Susman on Insurance Hour about 10 new potential insurance laws being debated in Sacramento, California. The host analyzes each proposed legislation, focusing particularly on wildfire-related insurance reforms. Key topics include the California Safe Homes Act, Business Insurance Protection Act, and various other measures aimed at improving insurance accessibility and consumer protection. Susman provides detailed pros and cons for each proposed law, emphasizing their potential impact on both insurers and consumers. He notably mentions that the recent wildfires will be the most expensive disaster in U.S. history, and warns viewers to expect premium increases as a result. Throughout the discussion, he maintains a balanced perspective, acknowledging both the need for consumer protection and the challenges faced by private insurance companies.

Highlights

Introduction and Overview of 10 New Insurance Laws

Karl Susman introduces the show's topic: 10 new potential insurance laws being debated in Sacramento. He emphasizes these are different from recent Department of Insurance regulations, explaining they are new legislative proposals that will impact insurance policies in California. The host announces the show's phone number (559-656-0317) and email ([email protected]) for viewer feedback.

California Safe Homes Act Analysis

Susman discusses the first proposed law, sponsored by Assemblymember Lisa Calderon, which would establish a grant program for wildfire mitigation measures. The program would provide state tax-free funds for fire-rated roofs and non-ignition zones. He outlines pros including enhanced wildfire resilience and potential premium reductions, while noting cons such as state budget impact and potential implementation challenges.

Business Insurance Protection Act Discussion

The host analyzes the second proposed law, sponsored by Senators Sasha Renee Perez and Susan Rubio, which would extend residential insurance non-renewal moratoriums to commercial policies. Susman explains how this could stabilize the business insurance market while potentially leading to premium increases and legal challenges.

Insurance Premium Protector and Public Adjuster Regulations

Susman examines the proposal to cap public adjuster fees at 15% and prohibit additional awards outside contracts. He discusses the implications for wildfire survivors and the potential impact on the public adjusting industry, expressing concern about arbitrary price caps while acknowledging the need for consumer protection.

Final Thoughts and Future Premium Implications

The host concludes by emphasizing that the California wildfires will be the most expensive disaster in U.S. history. Susman warns viewers to expect premium increases but assures that legitimate claims will be paid, encouraging listeners to take advantage of available discounts and opportunities to lower premiums

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]

1 0

2025-03-07

Summary

The video covers a comprehensive discussion about insurance issues related to recent California wildfires, hosted by Karl Susman. The host addresses multiple aspects of wildfire insurance claims, including how to handle total loss situations, smoke damage claims, and the California Fair Plan. Key points include the estimated $50 billion in claim costs, the process for accessing federal disaster assistance through FEMA and SBA, and the current state of the insurance industry in California. Susman emphasizes that insurance companies have been losing money in California for over a decade, paying out more in claims than collecting in premiums. He discusses recent regulatory changes from December that may provide a path forward for the industry, potentially leading to more competition and better pricing for consumers.

Highlights

Introduction and Wildfire Insurance Claims Overview

Karl Susman opens the show discussing wildfire insurance claims and federal assistance options. He explains that homeowners should first contact their insurance company for claims, then explore additional federal assistance through FEMA grants and SBA loans. The host emphasizes that both insurance coverage and federal assistance can be accessed simultaneously.

Smoke Damage and Property Assessment

The host addresses smoke damage concerns, noting that while media focuses on total losses (estimated 12-13,000 structures), an equal number of properties may be uninhabitable due to smoke and ash damage. Susman discusses the lengthy cleanup process, mentioning that some areas like Power Stage fire zone may require 12-18 months just for toxic ash removal before rebuilding can begin.

California Fair Plan and Insurance Industry Changes

Susman explains the California Fair Plan's recent need for $900 million to access $6 billion in reinsurance. He clarifies that the Fair Plan is funded by private insurance companies, not taxpayers. The host discusses how new regulations from December 2023 may help attract insurance companies back to California, potentially leading to more competition and better pricing for consumers.

Future of Insurance in California

The final segment covers the insurance industry's challenges in California, with companies having not made a profit in over a decade. Susman discusses potential economic losses from recent events approaching half a trillion dollars. He emphasizes the importance of having multiple insurance companies competing in the market rather than a few dominant carriers, suggesting this would lead to better risk distribution and more stable pricing.

0 0

California residents face an insurance crisis after the Los Angeles wildfires. ABC10 examines the home insurance industry and the recovery process.

2 0

The video covers a detailed discussion about insurance claims and recovery processes following California wildfires, hosted by Karl Susman on Insurance Hour. He provides comprehensive guidance on various aspects of the insurance claim process, from initial filing to long-term recovery. Key topics include how to start insurance claims, documentation requirements, coverage for additional living expenses (with extended coverage mandated to 24 months by the Department of Insurance), handling smoke damage claims, and safety considerations when returning to damaged properties. Susman emphasizes the importance of professional assessment for smoke damage and warns against self-remediation of damaged items. He also discusses financial assistance options, including FEMA grants up to $40,000 and SBA loans up to $2 million at 4% interest over 30 years.

Highlights

Introduction and Initial Claims Process

Karl Susman introduces Insurance Hour and begins discussing wildfire-related insurance claims. He emphasizes the importance of obtaining claim numbers when filing and explains that claims are typically handled on a first-come, first-served basis. He provides multiple ways to file claims: directly with insurance companies, through agents/brokers, or online.

Documentation and Living Expenses Coverage

Susman addresses documentation requirements for total losses, noting that detailed itemization isn't always necessary initially. He discusses Additional Living Expenses coverage, highlighting the Department of Insurance's mandate extending coverage from 12 to 24 months regardless of policy terms.

Smoke Damage and Safety Considerations

The host provides detailed information about smoke damage coverage, explaining that it's often more complex to handle than total losses. He describes severe cases including ash accumulation and potential chemical contamination, emphasizing the need for professional assessment.

Property Inspection and Documentation

Susman explains the inspection process for both total and partial losses, recommending homeowners be present during inspections, take their own photos, and maintain detailed records of all communications via email.

Financial and Recovery Resources

The host covers various financial assistance options, including insurance payments, FEMA grants, and SBA loans. He provides mental health support resources, including the crisis hotline (988) and disaster distress helpline (1-800-985-5990), and emphasizes the importance of seeking professional help during recovery.

2 0

🚨 Major Insurance Shake-Up! 🚨
State Farm and other major insurers have been non-renewing thousands of policies in wildfire-prone areas like Pacific Palisades, CA (Zip: 90272)—leaving homeowners scrambling for coverage. But did these companies know something the public didn’t? 🤔

In this video, we break down:
✅ Why State Farm and others are pulling out
✅ What this means for YOUR insurance rates
✅ The limited options homeowners have now
✅ The rising costs and risks of going uninsured

If you live in California or any wildfire-risk area, this is a must-watch! 🎥💰 Don't forget to LIKE, COMMENT, & SUBSCRIBE for more crucial insurance updates.

🔗 WATCH NOW and stay ahead of the insurance crisis!

2 0

Want to protect your home from wildfires and get insurance discounts? 🏠🔥 Karl Susman shares critical home hardening tips—from upgrading your roof to tree maintenance—that can lower your risk and insurance costs! 🚨 Act now before it’s too late!

🔔 Subscribe for expert insurance advice!
👍 Like & Share if this helped!
💬 Comment below: Have you taken steps to fireproof your home?

#HomeHardening #WildfireProtection #HomeInsurance #Finance #MoneyTalk #Shorts #Trending #FireproofYourHome #InsuranceDiscounts #disasterpreparedness

2 0