insurance

Proposed Reforms to the FAIR Plan

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When you own a business, one of your responsibilities will be to purchase commercial insurance. Many business owners have questions or concerns about their commercial insurance options. Businesses located in Pleasanton, CA are invited to bring their questions to our team at Miao Insurance Services. We’ve been working with companies in your area since 2020.

Proposed Reforms to the FAIR Plan

The FAIR plan was established in California to meet the insurance needs of residential and commercial clients who were unable to find insurance through the traditional marketplace. The plan allowed homeowners and business owners to obtain reliable and affordable insurance. Every insurance agent is required by law to participate in the FAIR plan. According to Governor Newsom’s website, the plan was revised in July 2024 to improve its ability to help California residents and businesses insure their homes.

The California Insurance Commissioner, Ricardo Lara, stated that these reforms will increase transparency about the FAIR plan. According to CFPnet, the reforms will also expand coverage to businesses that utilize the FAIR plan. Governor Newsom’s involvement stated that these reforms were needed as they would improve the rate of policy approval. The Governor further stated that the reforms of the FAIR plan had been his priority to provide stability and protection to California’s residents and business owners.

Call Us Today for Your Appointment

Business clients in the Pleasanton, CA area know the benefits of doing business in this area. Our team offers a wide range of commercial business solutions for your company. Our team at Miao Insurance Services looks forward to working with your team and supporting your business progress with the right insurance choices. Call us today to schedule an appointment, and let’s discuss your company’s insurance options.

I’m a Renter. Can I Benefit From Earthquake Insurance?

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If you reside in an area where earthquakes are common, you’re familiar with the distress caused when an earthquake damages your personal items. Earthquakes can topple bookcases, shatter glassware, and create chaos in your closet. Sometimes, the damage is devastating.

Every major earthquake requires people to replace broken or destroyed items. This is why many people have earthquake insurance. At Miao Insurance Services, serving Pleasanton, CA, we assist renters and homeowners in finding the best earthquake insurance.

What is Earthquake Insurance?

Earthquake insurance is a type of insurance that provides coverage to repair or replace items damaged after an earthquake. Earthquake insurance can cover only your belongings (if you’re a renter) or both your belongings and home (if you’re a homeowner).

Who Needs Earthquake Insurance?

Earthquake insurance can benefit anyone living in an earthquake-prone area. Most renters insurance policies don’t automatically cover earthquake insurance, so if you live in a location where earthquakes occur, consider getting earthquake insurance.

How Can I Get Earthquake Insurance?

Most private insurance companies do not offer earthquake or homeowners insurance policies to renters. Earthquake insurance is sold separately and can be purchased in addition to renter’s insurance.

If you’re a renter interested in getting earthquake insurance, you can obtain this type of insurance from your regular insurance provider. Your regular insurance provider can shop around for the right earthquake insurance policy for you. The professionals at Miao Insurance Services, servicing Pleasanton, CA, can help you find an earthquake insurance policy to meet your needs.

Insuring Your Exotic Vehicle with Classic Car Insurance

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Drivers in Pleasanton, CA, let Miao Insurance Services help you insure your exotic vehicle or supercar with classic car insurance. Many owners of exotic cars and supercars don’t realize that they can purchase classic car insurance to protect their vehicles, providing a higher level of coverage for their recently manufactured or hand-built vehicles.

What’s Exotic?

When we say exotic vehicles, we mean sports cars like Lamborghini or Maserati. These high-end, foreign-made vehicles often require custom orders, and only single-digit releases are often built. Their rarity instantly catapults them to classic status, although they do not meet the technical age standards used for classic, vintage, and antique vehicles.

Mileage Limitations

Most exotic car owners don’t intend to drive these rare, performance vehicles as everyday cars, so the mileage limitation in a classic car policy doesn’t impede them. Most classic car policies allow 1,000 miles of driving per year.

OEM Parts Coverage

Owners of these performance vehicles need a higher level of insurance protection than the typical auto policy provides. Classic car coverage pays for OEM parts for repairs, which could cost hundreds or thousands of dollars otherwise.

Actual Replacement Cost

Classic car coverage also provides the actual cost of replacing a vehicle that gets totaled in an accident. An exotic car could cost between $250,000 and $1 million, making this coverage vital.

Contact Us Today

Call or email Miao Insurance Services today to start your classic car policy. Let us help you protect your classic, exotic, or supercar, whether you garage it in Pleasanton, CA, or drive it on weekends to San Francisco.