The insurers are doing what they can to help protect multimillion dollar homes in the western U.S.
Private firefighting crews have now been hired by firms in the insurance industry to help to provide greater protection for multimillion dollar homes located in the western United States.
This has occurred through a specific wildfire protection program designed to lower the risk for wealthy homeowners.
The belief of these companies in the insurance industry is that the cost is actually lower for providing this defense for the higher end homes than it would be to replace the buildings and their contents if they should burn down. The privately contracted water tanker trucks and crews are hired to watch over the homes with patrols on the roads.
A number of different companies in the insurance industry that are geared toward the wealthy are participating.
Among the companies within the insurance industry that offer personal wildfire protection programs for their wealthy policyholders within certain parts of the western United States include: AIG Private Client Group, Chubb, and Fireman’s Fund. Each of these companies are doing their best to compete to provide the ultimate levels of additional protection for their wealthiest customers.
Among the services that are being offered by these firms in the insurance industry, include clearing away brush and trees from around a home so that fire will not be able to spread t o them, the application of flame retardant chemicals around the perimeter of a property when a blaze is underway within that region, and a number of other efforts that can involve privately contracted fire crews.
These policies are available from those within the insurance industry who are offering them for an average premium of $7,000 per year, but those costs are only a fraction of the value of the properties for which they are providing coverage. It is not yet known how widespread this coverage has become, but it remains a relatively new product, having emerged less than ten years ago. What is known is that these policies are becoming increasingly popular, especially as homes are developed further out of the urban areas, where communities border on rugged and more undeveloped terrain.