SAN DIEGO—Due to damage caused by wildfires and mudslides, property-insurance rates are likely to go up this year. Tim Gosselin, VP at Lee & Associates, and Daniel Olson, a broker with Wateridge Insurance Services, recently filmed a video explaining how property-insurance rates will be affected by recent natural disasters and what owners should know about this issue. We spoke with Gosselin and Olson about how California property owners should approach their property-insurance policy and what to avoid.
GlobeSt.com: How should Southern California property owners approach property insurance since the rates are likely going up?
Olson: First off, you want to make sure that your application is accurate and that whoever you have shopping the insurance for you—a broker or multiple competing brokers—has the same up-to-date information. Often, an application isn't accurate (people don't want to ask questions or be a bother, and they don't want to deal with insurance, so applications end up being incomplete).
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
