Josh Terraneau - State Farm Insurance Agent Offers Hope to Insurees through ‘Loss of Use’

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Josh Terraneau - State Farm insurance agent, in light of an October 21, 2015, Sierra Sun Times article reporting that the Department of Insurance is reminding agents and brokers that insurance coverage in high-risk fire areas is available to all homeowners, discusses “Loss of Use” coverage.

Josh Terraneau

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Josh Terraneau - State Farm insurance agent, in light of an October 21, 2015, Sierra Sun Times article reporting that the Department of Insurance is reminding agents and brokers that insurance coverage in high-risk fire areas is available to all homeowners, discusses “Loss of Use” coverage. The Sierra Sun Times article further states that the California Fair Access to Insurance Requirements Plan, commonly known as the FAIR Plan, is the insurer of last resort for residents of high-risk wildfire areas that are unable to find coverage through other insurers. However, adds Terraneau, State Farm is still covering people in high-risk wildfire areas and offers ‘Loss of Use’ coverage, which kicks in when one’s house is uninhabitable due to a covered loss and covers any living expenses in order for the insured to maintain a normal standard of living.

Additionally, according to a CBSnews.com article, people may be dropped from fire coverage and residents of high-risk areas may have to purchase more expensive insurance, as wildfires become more destructive because of the drought the law allows insurance companies to not renew policies. This is highly problematic for people living in high-risk wildfire areas, such as those in California, which is also facing a long and severe drought that has led the state government to take unprecedented water-conservation measures.

In Riverside County, where Josh operates, many areas have been deemed “high or very high wildfire risk,” especially those areas near the San Bernardino National Forest. Josh adds that since banks that hold mortgages require homeowners to carry fire insurance, the people he most sees who don’t carry insurance are renters, which he highly advises against.

However, whether one is a homeowner or renter, State Farm does not put a limit on the “Loss of Use.” State Farm will continue to provide reimbursement for living expenses, as long as one is displaced from his/her home, with no time limit.

About Josh Terraneau - State Farm Insurance agent
Josh Terraneau offers auto, home and property, life and health insurance. For more information, please call 951-784-4353. The office is located at 5053 La Mart Drive, Suite 103, Riverside, CA 92507.

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Tiffani Tendell