Protecting Arizona Homeowners

COMMENTARY

• Arizona working on a bill to prohibit insurers from canceling fire policies 60 days after a natural disaster
• Smaller insurers are more prone to panic and cancel compared to larger insurers
• A.I. is playing a major role in more precise risk assessments
• Homeowners fireproofing and vegetation mitigation can significantly affect insurance decisions

Insights & Implications

COMMENTARY

• Construction, labor and inflation costs have increased insurance premiums
• Significant natural disasters are influencing insurance policy availabilities
• Home maintenance is crucial to avoid claims that could elevate premiums or non-renewals
• Check for changing flood zone designations and need for separate flood insurance
• Research insurance companies with a high response in claim services

Takeaways

RESOURCES

• The Southwest Fire Consortium archives a century’s worth of wildfire history
• Watch Duty app provides real time fire alerts and detour routes to navigate emergencies
• Clue Reports has information on a property’s past claims to assess the risk profile before you buy
  • Comprehensive Loss Underwriting Exchange report is a record of insurance claims for a vehicle or property

COMMENTARY

• Fires can lead to flooding due to erosion
• Understand how insurance companies define flooding and their pooling risk model
• The value of local insurance agencies like Phocus Insurance to assess the right protection for your area