Comments on: Like a Good Neighbor – Will Our Insurance Companies Be There?

By: Kris Berg

Kris Berg — Mon, 29 Oct 2007 22:10:38 +0000

Rudy – Yes, and I hope we didn’t leave the impression that any insurance company was being less than attentive with claims. We were speaking about new policy issuance, which is a bit of a challenge right now for home buyers.

By: Rudy

Rudy — Mon, 29 Oct 2007 21:55:27 +0000

In case everyone thinks Travelers is still trying to back out from paying claims, looks like their website is making it clear they’re reaching out to their customers who got affected by the wildfires.

http://www.travelers.com/spt01portalmain.asp?startpage=/iwcm/Travelers_PL/Generic/wildfires.html

By: San Diego Fires: I… Wanna Hear… From a Chargers Fan | BloodhoundBlog: Real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments

Fri, 26 Oct 2007 19:45:46 +0000

[...] Like a Good Neighbor – Will Our Insurance Companies Be There? [...]

By: Steve Berg

Steve Berg — Fri, 26 Oct 2007 03:47:44 +0000

Thomas and Rudy – We appreciate your comments and your kind thoughts. We will keep you posted. Note that Kris’s more recent post confirms that Homeservices of America has stepped up to the plate and wil offer insurance to all but the immediate burn area homes. I’m proud that Homeservices, the Prudential parent company, walks the walk.

Phil – It was great to meet you duirng your sojourn to San Diego. We don’t know how many burned homes were in escrow but we will try to find out. We are not aware of any real estate office that burned but we do know that at least three Prudential agents lost their homes.

If this is similar to the Cedar Fire, there may be at least a temporary spike in rentals and sales driven by fire victims acquiring new but temporary housing. I suspect that this activity will primarily occur in close proximity to where their homes were so that they can keep the kids in the same school, be close to their lot, etc. I suspect the market, in general, being less than robust already, will remain that way.

The Lake Arrowhead cabin also dodged the bullet (barely), thankfully.

What a week! Thanks for checking in.

By: Phil Hoover

Phil Hoover — Thu, 25 Oct 2007 23:13:22 +0000

Hi Guys ~
I am wondering how many of those burned homes were in escrow and the effect the fires will have on the lives of the sellers, buyers, loan officers, and agents.
Did any real estate offices get destroyed?
And, how many agents lost their own homes?
The disruption and economic impact on the SD area is incalculable.
What will this do to property values, comps, marketing times for homes in areas that were partially-burned, etc.?
Did your Lake Arrowhead cabin survive?

By: Kris Berg

Kris Berg — Thu, 25 Oct 2007 20:23:50 +0000

We will keep you posted from our vantage point in the trenches. Hopefully, this all gets resolved pronto.

By: Rudy

Rudy — Thu, 25 Oct 2007 18:17:41 +0000

It’s sad to hear this is happening to some people.

Thanks for the report.

By: Thomas Johnson

Thomas Johnson — Thu, 25 Oct 2007 17:55:49 +0000

I have a hard time imagining how the insurance companies can pull the “it was flood damage, not windstorm damage therefore we won’t pay” scheme. Do they have a special clause for rising fire as opposed to falling embers?

This is huge- watch the homeowners premiums go through the roof. The insurance commssioner and the insurers will go through a big charade as the insurers threaten to pull out of CA and some may for a year or so. Eventually there will be an accord, but bottom line rates will be way up.

Here on the Gulf Coast, windstorm coverage is now a state pool and the wind storm premiums are about equal to what all inclusive coverage was pre-Katrina/Rita. Total premium increase: up 80-100%.

It seems the CA Governator and Jorge Bush have jumped all over this one to make sure all possible assets are available. Thoughts and prayers to all who just had their lives turned upside down.