California Fire Insurance

The Need For California Fire Insurance Is Now More Than Ever

As wildfires ravaged across wide landscapes in Southern California recently, property owners are becoming convinced that now is the time to review their current insurance regimen and make sure they are insured correctly. A record-high and breathtaking amount of fires occurred throughout 2017, while signs of a decreased threat do not seem likely in 2018 and beyond. As a Southern California based business and native, we have seen the weather; climate patterns, temperatures, and seasonal timeframes change dramatically within the past 20 years.

Through 2017, California experienced a total of 9,054 fires that burned across 1,381,405 acres, according to the California Department of Forestry and Fire Protection, including five of the 20 most destructive urban fires in the state’s history. This was by far the most damaging year on record for the state. The number of days, weeks and combined months of ongoing fires placed California in a state of panic, as hundreds of thousands of residents were forced to evacuate and homes and buildings were destroyed. It is very important to understand that during a wildfire, insurance carriers can place indefinite moratoriums and will not write new insurance policies within certain locations around the fire. This prevents any person or business owner from obtaining insurance in the area affected or close by the fire.

Modab California Fire Insurance

When it comes to insurance, it is always necessary to be proactive versus reactive. In order to make sure that you are covered for a potential loss, you must practice correct risk management. If you wish to properly protect your assets from fire/liability or any other peril, you have to have insurance in place before the occurrence takes place and before a threat is near. If there were a time to have California fire insurance coverage that protects your property, it would be now. There are over 100 million dead trees in the Northern & Central Sierra Mountain Range and the fight against wildfires continues to increase.

Even without a near threat, obtaining the right insurance in a high hazard zone can be difficult or costly to purchase, but some options are better than none in these critical situations. Modab Insurance is able to work with hundreds of different carriers to obtain the best options to recommend the most suitable policy for each customer. Our service and commitment to providing each client with personalized care are engrained in our practice and philosophy, which is not always the case when working with large corporate insurance companies and captive agents.

The mental peace of mind, not to mention the financial savings/protection that insurance offers cannot be explained in words. If certain homeowners cannot find coverage through insurance carriers, they can apply for a state-sponsored program, called the California FAIR plan, as a last resort. We work with CFP and clients can also go direct. The FAIR plan does not estimate the value of the property and its contents, and will only cover up to $1.5 million. Without homeowner’s insurance that provides comprehensive fire coverage or the eligibility of the FAIR plan, California homes and families are at a high risk of losing everything.

Most insurance policies have a co-insurance clause. Co-insurance in a property insurance policy is a means for the insurers to obtain rate and premium equality. In many situations, policy owners are not aware of coinsurance and become aware of it after a loss and it’s too late to fix. Co-Insurance is in place so that the insured pays the appropriate rate to insure their property. Please visit IRMI Property Insurance to learn more about how co-insurance works.

There are so many valid reasons as to why we need to insure our property with the right type of coverage. Working with a broker that will always look after the best interests of the client is extremely important and here at Modab, we are committed to that philosophy and service.

Please visit and/or contact Modab Insurance Services for a free and no obligation personalized fire insurance review. From everyone at Modab, have a beautiful day!

Badmaash Restaurant

A New and Hip Blend of Traditional and Modern Indian Food

Badmaash is an amazing Indian Gastro Pub located in downtown Los Angeles, CA. It is famously known for its authentic and unique mix of Traditional & Modern Indian food. Owned by the Mahendro family, a father and his two sons would like guests to think of it as a peaceful and Gandhi-like location with a totally non-violent and hipster vibe mixed with a healthy way of eating fine food. Badmaash has been featured on VICE, Hypebeast and the Emmy-winning food series, The Migrant Kitchen, seen here.

Badmaash was recommended to Modab Insurance Services through a mutual real estate agent, Paul, who worked with both Michael, founder of Modab, and the Mahendro family. Paul recommended that they speak with Michael about their newfound business goals and plans. Paul had always appreciated how Michael and Modab Insurance Services treated his clients. Paul trusted that Modab would always look out for the best interest of their client’s personal and commercial business insurance needs.

The Mahendro family had recently moved to Los Angeles from Canada and did not have the network in LA like some do growing up here for 40 years. After connecting with Michael, who did his best to introduce them to vendors/talent within the area and to better their choices/services. The learning curve was steep for the Mahendro’s, considering that after they chose a location in downtown Los Angeles, they needed to provide the landlord of the building with proof of insurance to obtain the keys and open.

The process for obtaining proper liability and insurance coverage for their business was similar to most in the restaurant space –

Phase One

  • Builders Risk & Liability
    • This will protect you while you are in construction and protect your tenant improvements and Business Property
    • Liability is usually extended from the contractor – both the restaurant owner and landlord

Phase Two

  • Restaurant Insurance – Operations
    • Business Owners Policy – or Commercial Package
      • General Liability, Liquor Liability, Loss of Income, Property, and much more
    • Workers Comp Insurance
    • Commercial Auto
    • EPLI – Employment Practices Liability Insurance
      • Includes – sexual harassment, wrongful termination, discrimination, wage and hour and much more
      • This is very active in the media today and a large risk for restaurant & bars

Modab Insurance has been fortunate enough to build a very close relationship with Badmaash and the Mahendro family. They have also helped them with events and venues, such as Coachella, and hope to work with them more in their continued success.

Please contact us for more information or questions regarding your insurance needs.

Inside View:

badmaash

 

 

Recent Events With Badmaash: