2021 Loss Events in Review
The year 2021 continued to be an interesting year in the insurance market, with extreme and unique weather events and ongoing uncertainty around COVID. The industry as a whole continues to experience a rapidly hardening property market, a trend that accelerated in 2020, but had been snowballing the previous five or six years. It is common for the market to cycle from hard to soft every five to ten years, so it is increasingly important for investors to ensure that their insurance agent is advising them on ways to “ride out the storm” while still maintaining adequate coverage.
Wildfire Preparation
Wildfires can occur at any time throughout the year, but the potential is always higher during periods with little or no rainfall, which make brush, grass, and trees dry and burn more easily. For many areas, this occurs in summer through fall months, but many western states, such as California, have a year-round wildfire risk. High winds can also contribute to spreading the fire. The community may have a designated wildfire season when the risk is particularly high, so property owners should become familiar and take action well in advance.
5 Tips to Avoid a Fire Loss
One of the most severe losses investment properties could sustain is a fire. Here five key areas to “tame the flame” so your investor clients and their tenants don’t get burned – financially or physically.