Innovative Insurance Solutions for California's Wildfire Crisis Unveiled with Wows Insurance Services

Wowsinsurance.com

About the Guest(s):

Robert Feldman is the CEO and co-founder of Wows Insurance Services, specializing in providing innovative insurance solutions for homeowners in high-risk fire areas, particularly in California. With over 25 years of experience in the insurance industry, Robert is a recognized speaker and thought leader, specifically in the realm of uninsurable properties. He has also served on numerous task forces working with senior leadership in various insurance carriers to address and mitigate insurance crises in states like California and Florida.

Episode Summary:

In this intriguing episode of The Chris Voss Show, host Chris Voss sits down with Robert Feldman, an innovator in the insurance sector, to discuss the burgeoning challenges and solutions in the field of fire insurance. As the CEO and co-founder of Wows Insurance Services, Robert explores the multifaceted crises the insurance industry faces due to increasing wildfire risks in the Western United States, particularly California and Nevada. Listeners are provided with a comprehensive overview of how these developments could transform the existing paradigms of risk assessment and insurance provisions.

Robert elaborates on how Wows Insurance Services is addressing these challenges by implementing innovative insurance programs that not only aid brokers but also provide viable options for homeowners. The conversation delves into the intricacies of transferable insurance policies, actuarial sound practices, and the potential expansion into other markets, all of which promise to bring about significant change in the way insurance is offered and managed. Robert also highlights the critical role of Cal Fire and other technological advancements that are making homes more defensible against wildfires, setting a precedent for future residential safety standards.

Key Takeaways:

Wows Insurance Services is pioneering new and flexible insurance solutions for homes in high-risk fire zones, including transferable policies from sellers to buyers.

The insurance industry needs a paradigm shift to adapt to climate change challenges, including more regionalized and risk-specific insurance approaches.

Technological advancements and improved fire hardening techniques are crucial in reducing the destruction caused by wildfires.

Current insurance premiums are skyrocketing, especially impacting seniors with fixed incomes, prompting innovative responses from companies like Wows.

Notable Quotes:

"Anything's insurable, man. It's just a question of cost." – Robert Feldman

"Insurance companies have been the definition of Einstein's theory of insanity, doing the same thing over and over again, expecting a different result." – Robert Feldman

"We're really working to fix the crisis of what's going on right now." – Robert Feldman

"If you don't have insurance, guess what? You don't have a house." – Robert Feldman

"Stop thinking that there's only one choice or you have no choices. There are always choices." – Robert Feldman