California’s Insurance Market in Shambles: Understand the State of Today’s Habitational Insurance Market

Wildfires have burned nearly 10 million acres of forest and destroyed 39,000 homes in California over the last five years, providing a glimpse at just how dire the state’s climate crisis has become. 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 home insurance market altogether.

Earlier this year, two insurance industry giants pulled back from California’s home and property insurance market due to increasing wildfire risk and soaring construction costs and prompting the insurers to stop writing new policies here 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.

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 Jaffee Insurance Agency.

• Date / Time: 11:00 a.m. – 12:00 p.m. (Noon), on Wednesday, September 27, 2023
• Register Today: Sign-Up at https://web.aagla.org/events
• Cost: FREE to all AAGLA members

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.
• Insurance market from a recent historical perspective, and what’s happened?
• What to expect when you renew your policy…insurance availability, increasing premiums and reduced coverages.
  • 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?
• 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 contact Events Manager, Diana Alcaraz, via email 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.

Panelist(s):

Gannon Laidlaw, Property & Casualty Producer, Jaffe Insurance Agency 

Gannon Laidlaw is a property and casualty insurance producer at Jaffe Insurance Agency. Gannon has been in the insurance industry for over 7 years, 3 of them being completed while he was a student at the University of California at Los Angeles (UCLA). He handles a wide array of both commercial and personal lines insurance exposures ranging from single-family dwellings and mom & pop shops to high value dwellings, apartment complexes, and multimillion-dollar businesses. Being a part of a family-owned independent insurance agency, Gannon places a strong emphasis on developing rapport with his clients and educating them through the insurance process, not just “selling policies.” He brings a uniquely valuable broker experience to his clients, one that incorporates attention to detail, exceptional communication, industry insights, and expeditious service. Gannon is an emerging figure in the insurance field attempting to help pave the way for other millennials and gen z professionals to join the somewhat dated industry.

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.

Jaffe Insurance Agency:

Jaffe Insurance Agency was founded in 1948 and is a family-owned California based independent insurance agency. Based in California and operating as an independent insurance agency, JIA has a profound expertise in the California insurance market in both commercial and personal lines. JIA assists a diverse group of clients with a broad range of insurance exposures. This makes JIA extremely knowledgeable when handling any and all types of commercial and personal insurance. A significant portion of their book of business derives from habitational related business. This includes everything from landlords owning properties as small as single-family rentals all the way up to large apartment complexes. JIA has been promptly modifying the way they assist these habitational clients due to the rapidly changing insurance market revolving around habitational risks in California.

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