We moved to our current home in 2019, Santa Cruz Mountains in CA. At the time our yearly policy wasn't cheap, being just over $4k through Allstate. Then the CZU fires hit in 2020…our policy doubled when the renewal hit in 2021, then jumped about $2k yearly since then. I alternated between bitching about the price and being grateful that we hadn't been cancelled.
Our new policy is due in a few days, to the tune of $16,500+ for the year – more, if we make payments, of course. Last month I'd had enough, and called our agent after finding out that my neighbor was paying less than half on the FAIR plan. Long story short, I got my agent to get us a quote for the FAIR plan and supplemental coverage. It came in $9k less than the current policy, $10k if I count the cost of financing. F'ing racket.
My question/concern is whether switching from a private carrier to the state run FAIR plan is worth the financial gain. My agent made noises about how the state run plan could run out of money, and how a private carrier like North Light Specialty Insurance Company (our current carrier) is safer. Thoughts?
Wondering if changing carrier is worth the risk
byu/furyo_usagi inInsurance
Posted by furyo_usagi
1 Comment
North Light is a wholly-owned subsidiary of Allstate, but is non-admitted (licensed) in California. It’s Allstate’s backdoor, along with other companies, to write business in California w/o the rate regulation.