Home Insurance availability in Santa Barbara County has undergone significant changes in recent years. Many home insurance companies have cancelled home insurance policies, while other home insurers have raised their rates. Finding a home insurance policy for many who are located in “high fire” areas are finding it more challenging, and more expensive to purchase home insurance. So, what is going on, and how can Baxter Insurance help you?
To request a home insurance quote online, please CLICK HERE.
Why are home insurance rates increasing in Santa Barbara?
Flashback a couple of years- 2017 and 2018 were years in which California saw its more severe natural disasters in modern history, with staggering loss of life, and property damage. The home insurance industry paid out billions in claims. These claims payouts where some of the largest in CA’s history, causing a massive drain of insurers reserves and profits.
Behind the regular home insurance companies, there are even larger insurers, call “re-insurers.” These reinsurance companies “insure” the insurance companies. The re-insurers now view California, and its wildfires, at a very significant risk. Akin to a hurricane level of risk. The reinsurance companies have increased their rates on the regular insurance companies. The higher reinsurance rates get passed down to the homeowner. The re-insurers are also requiring the home insurance companies to scale back on the number of properties that they insurer in California, especially in high fire areas.
Another reason why home insurance has become more difficult to obtain is because of hazard mapping. Many insurance companies use third party mapping services to map the wildfire risk level of a specific property. The mapping companies have changed their models, and have increased the “wildfire risk scores” for many areas. Homes in Santa Barbara that were previously mapped as modest or low risk, are now mapping as higher risk. The higher “wildfire risk scores” make it harder to obtain insurance.
How Can Baxter Insurance Help You Obtain Home Insurance?
Baxter Insurance is still actively insuring homes in Santa Barbara every single day. We work with almost two dozen of the largest home insurance companies in the United States. We have most all home insurance options available. And if we do not have a good home insurance option for you, we will do our best to refer you to a home insurance company that is appropriate for your home. Now more than ever, you need a local experienced home insurance agency to assist you. We know the Santa Barbara home insurance market better than anyone.
Some Highlights and How to Obtain a Quote from Us:
Here at Baxter Insurance, home insurance is our specialty.
In most cases we can get you a quote right over the phone, or same day.
We have insured thousands of homes in Santa Barbara over the past 30 years.
Competitive rates.
Detailed Coverage reviews.
We are up to date on all of the latest trends in the home insurance market.
Local downtown office to serve your home insurance needs.
We come highly recommended by many local professionals and their clients.
Full team of agents and support staff to help you with your home insurance needs.
To request a home insurance quote online, please CLICK HERE.
