How to Navigate Today’s California Insurance Crisis
Tuesday, November 5 @ 11:00 am - 12:00 pm
| Free for AAGLA MembersUnderstand the state of today’s insurance market and get the information you need to obtain adequate coverage at a reasonable cost.
Outdated regulations in California's insurance market, such as lengthy rate approvals and restrictions on pricing to risk, have presented challenges for many insurance carriers. On top of that, wildfires have burned millions of acres of forests and destroyed tens of thousands of dwellings in California over the past several years. At a time when it’s more vital than ever for property owners to have adequate insurance coverage, many carriers have decided to no longer insure homes in certain parts of the state, while others have left the property insurance market here in California altogether.
Last year, two insurance industry giants pulled back from California’s home and property insurance market due to increasing wildfire risks and soaring construction costs, and prompting these insurers to stop writing new policies in California, the nation’s most populous state. State Farm announced it would stop accepting applications for all California business and personal lines of property and casualty insurance, citing inflation, a challenging reinsurance market and “rapidly growing catastrophe exposure.” As a result, many California residents are left with little to no options for homeowners insurance — particularly those with homes in areas most at risk of wildfire damage.
Late last year, California Insurance Commissioner Lara announced his “Sustainable Insurance Strategy,” which would be the biggest overhaul of the state’s insurance policy in more than 30 years. Commissioner Lara has promised to make his proposed changes effective by the end of 2024, though he acknowledged it will take a while for those changes to stabilize the market. The strategy aims to entice insurance companies to return to writing fully in California once again by giving them several things they’ve wanted for years. Proposed changes include faster rate approvals for which carriers have complained it takes the Insurance Department more than a year to approve and, as a result, in recent years carriers have not been able to keep up with inflation and rising risks.
Join us for this important webinar discussing the state of the California insurance market, coverage options that exist, and how much insurance coverage may cost you today and in the future. This webinar is being presented by the insurance experts from KERN Insurance Associates.
During this webinar, you will learn:
• The current status of California habitational insurance and the what, why, and how on premiums, availability, and coverages.
• Tips on having an insurance policy, and how to be a “good insured” policy holder.
• Available insurance only through KERN Insurance Associates.
• What to expect when you renew your policy…insurance availability, increasing premiums and reduced coverages.
o How to read your policy – what to look for.
• Why are insurance rates increasing? Some problems: Reinsurance Rates, Claims, California Department of Insurance
• What you can do to deal with today’s marketplace challenges…Learn what you can do to act on what you can control.
• Surplus lines and non-admitted carriers can save money, but do they carry risks? What about the California Fair Plan?
• The need for proper risk management, good support system, and knowledgeable insurance expertise.
• And, of course, much, much more! Live Q&A throughout the presentation to get your questions answered.
Please log in to register at www.aagla.org/events. If you have any questions, please email Events Manager Diana Alcaraz at .
We look forward to your joining us!
WARNING: THE INFORMATION PROVIDED DURING THIS WEBINAR IS FOR GENERAL INFORMATION PURPOSES ONLY. ABSOLUTELY NO LEGAL OR TAX ADVICE IS BEING GIVEN DURING THIS WEBINAR. BEAR IN MIND THAT EVERY SITUATION IS UNIQUE, AND THE LAWS, RULES AND REGULATIONS ARE SUBJECT TO CHANGE AT ANY TIME. SO, BEFORE ACTING, BE SURE TO OBTAIN TAX AND/OR LEGAL ADVICE FROM YOUR LICENSED PROFESSIONAL.
OUR PANELIST:
Joe Naworski, Managing Partner, Kern Insurance Associates.
Joe Naworski, Managing Partner, Kern Insurance Associates. Joe Naworski is an accomplished insurance professional with 30+ years of experience in the industry. He has established himself as a trusted advisor for clients seeking expert guidance on insurance policies, underwriting, and risk management. His experience has been vital to his success as the Managing Partner at Kern Insurance Associates, a PCF partner. For more information, call Mr. Naworski at (844) 444-5376 or go to www.Kern.com.
Moderator:
Daniel Yukelson, AAGLA Executive Director
Daniel Yukelson is currently the Executive Director of The Apartment Association of Greater Los Angeles (AAGLA). As Certified Public Accountant, Yukelson began his career at Ernst & Young, the global accounting firm, and since then had served in senior financial roles principally as Chief Financial Officer for various public, private and start-up companies. Prior to joining AAGLA, Yukelson served for 12 years as Chief Financial Officer for Premiere Radio Networks, now a subsidiary of I-Heart Media, and then 3 years as Chief Financial Officer for Oasis West Realty, the owner of the Beverly Hilton and Waldorf Astoria Beverly Hills where he was involved with the development and construction of the Waldorf. Yukelson also served for 6 years as a Planning Commissioner and for 3 years as a Public Works Commissioner for the City of Beverly Hills.
Featured Sponsor:
Kern Insurance Associates
Kern Insurance Associates is a premier brokerage specializing in property and casualty insurance, dedicated to providing robust insurance solutions for property owners, investors, and management firms. With decades of experience, Kern Insurance has developed a deep understanding of the unique challenges faced by property owners in today’s complex insurance landscape. We’ve worked diligently to cultivate an exclusive insurance program designed specifically for property owners, offering tailored coverage options that meet the needs of even the most hard-to-insure properties, particularly in California’s challenging market.
Our mission is to provide comprehensive, competitive insurance solutions that protect our clients' assets, mitigate risks, and promote long-term financial stability. We leverage strong relationships with top insurance carriers and use data-driven insights to negotiate favorable terms and rates. At Kern Insurance, we pride ourselves on going above and beyond for our clients, ensuring that every property is adequately protected, and we remain a step ahead of the ever-evolving market trends. For more information, call (844) 444-KERN (5376) or go to https://kern.com/.
