Eugene J Solomon Insurance Agency

06/22/2025

The insurance crisis has impacts on several levels of our economy

Fed Chair Jerome Powell warns there will be places where you may not be able to get a mortgage

Mortgages may be harder to get in some states right now.

02/03/2025

All California residents are going to be paying for the fires

State Farm General, California’s largest insurance provider, has requested an emergency interim rate hike averaging 22% for homeowners from state officials on Monday, citing a “dire” financial situation after destructive Los Angeles wildfires last month.

01/11/2025

For those of you affected by the devastating wildfire some ideas to help with process in the event of a claim

See if your insurance carrier offers Loss of Use for Mandatory Evacuation Expenses- your house does not need to be damaged or destroyed to claim his benefit

Ask if your Loss of Use Coverage has a total limit or is actual loss sustained.
If Actual Loss Sustained what is the time period? One year? Two?

Your benefit is for similar accommodations as your house, townhome, apartment or condo
It's going to take awhile to rebuild- know your options, benefits & limits

Keep every receipt for lodging, food, purchase of necessities, etc. All of these and more could be eligible for reimbursement

Make a list of items in your house. All personal belongings.
Go through photos you have on your phone or in the cloud to help recall.

Everything!
As if you picked up your house and shook it upside down. Whatever comes out is personal belongings with a separate limit than the cost to rebuild the house

This list can be used in making a claim once the process begins
You'll typically get paid the Actual Cash Value of the item and then reimbursed the Replacement Cost with a receipt showing your replaced that item

It's not just the house but cars as well

Start searching ads for the year, make mileage of similar cars to the vehicles you've lost
It will help expedite your total loss claim and finding a replacement
Think about any new purchases such as tires that have been added recently
You may be able to recover the mileage from your local oil change vendor who you used or the dealer from a service visit

Your house may be intact but damaged from smoke and not fire- This is likely a covered loss as well

Independent Adjusters can be helpful, but most take a percentage of the total amount recovered.
Read the contract carefully to see if it's a Recovery Fee or a Flat Fee for the service.

Not legal advice or acting as an adjuster here

This is intended to help in your recovery effort- your individual policies and benefits may be different

Eugene Solomon
CA LIC

01/09/2025

Post updated above

For those of you affected by the devastating wildfire some ideas to help with process in the event of a claim

See if your carrier offers Loss of Use for mandatory evacuation expenses
Ask if your loss of use coverage has a total limit or is actual loss sustained.
It's going to take awhile to rebuild- know your options

Make a list of items in your house. All personal belongings.
This list can be used in making a claim once the process begins

It's not just the house but cars as well

Start searching ads for the year, make mileage of similar cars to the vehicles you've lost
It will help expedite your total loss claim and finding a replacement

An incredibly sad event- with some work we can make a hopeful future on the other side

CA LIC

12/05/2024

Home affordability being affected with insurance disruptions across the country

Rising home insurance costs will be a huge problem for homeowners and prospective homebuyers alike, predicts billionaire Mark Cuban. Experts agree.

10/04/2024

Markets continue to contract with little relief in sight
Some opportunistic activity out there with preferred companies and quite a few non-standard markets seizing a chance to make a quick buck
All of them will have to deal with a shifting focus on measuring risk

More than 80% of buyers now consider climate risk when purchasing a home, according to a survey by Zillow.

08/13/2024

There have been some earthquakes of late

Are you prepared for a significant event?

These resources teach you to build an emergency kit filled with the items you need to survive on your own for several days after a disaster. After an emergency, you may need to survive on your own for several days. Being prepared means having your own food, water and other supplies to last for sever...

07/02/2024

It's been the most challenging market of my career but we're still able to write some new business and help our customers

The disruptions continue with other States now feeling the effects

Insurers are fleeing coastal states like Florida and California after floods and fires, and premiums are skyrocketing. More states face this climate crisis.

11/27/2023

A good 80% of the property insurance market has moved to the sidelines with more leaving every day

If you have an impounded insurance bill built into your mortgage and the premium spikes the bank will look to play catch up on premiums affecting your monthly payments

With both premiums and sea levels rising, here's how you can save money on homeowners insurance.

11/15/2023

Keep an eye on your Escrow Accounts if your Home Insurance is an impounded account.
Have been increases in premiums
Sometimes 2x-3x previous and you'll see this in your mortgage payments while the bank catches up and then tries to get ahead with your new premiums.

01/20/2023

With the proliferation of e-bikes a solid article about the coverage challenges for owners & operators of this mode of transportation

A NEW PERSONAL LINES COVERAGE CHALLENGE: E-BIKES There is no uniform answer to convey how coverage is provided