California fire insurance companies decline almost 350,000 policy renewals

California fire insurance companies - Firefighters fighting wildfire

Insurers are taking big steps back from the industry in the state’s highest risk areas. New data from the state shows that California fire insurance companies have declined the renewal of almost 350,000 home policies since 2015. This was most common in areas with the highest wildfire risk. The data showed that insurers are trying to reduce their risk exposure as wildfires become more costly. The newly released data did indicate that California fire insurance companies have dropped hundreds of thousands of customers. However, it did not point out how…

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Fire insurance losses in California broke the $1 billion mark

fire insurance home

The payouts for claims for damage caused by two tremendous blazes in the northern part of the state were huge. Two massively destructive wildfires in Northern California not only killed six people and caused thousands of residents to have to leave their homes behind, but they were also damaging enough to lead to over $1 billion in losses covered by fire insurance. This represents a preliminary estimate that has now been released by the California insurance department. These two different wildfires began burning in September, only days apart from each…

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Homeowners insurance rates spike as fire risk rises

California wildfire insurance fire season homeowners

Certain areas of California are watching their rates soar as wildfire smoke moves closer. Residents of California who are living near regions that have recently started facing increased wildfire risks are now discovering that their homeowners insurance has been heading skyward with the plumes of black smoke. The changing fire risk areas have forced many homeowners to see a doubling in their insurance rates. There are a number of different factors that have caused fire to become an increasing component in the homeowners insurance rates. The most obvious has been…

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California wildfires get off to an early and costly start

California Wildfiire Insurance

With a drought already in place, the season has begun in a disastrous way. The historic droughts that have already been wreaking havoc across the United States have kicked off California wildfires season earlier than usual, and the insurance industry is now predicting that the costs of the damage will be as high as $1.8 billion. This cost represents about $500,000 more than the amount available for fire control resources. The California wildfires aren’t the only ones that are now raging. Oklahoma has also found itself battling seven fires, already,…

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InsureCA4less.com website provides California residents with best insurance quotes and comparisons

The new insureca4less.com website has announced the availability of its full service insurance quote website that is specifically designed to cater to the needs of the residents of California. The site is now offering Californians fast and easy access to free instant insurance quotes from insurers located within their area. It also provides the ability to compare the top quotes from several insurance companies so that users will always know that they are receiving the coverage they need, but at the best possible price that can be found. The insureca4less.com…

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AIG unit faces potential fines in California over management of fire claims

American International Group Inc. (AIG) subsidiary, New Hampshire Insurance Co., along with York Risk Services, its claims processing agent, are now facing citations for 125 violations connected with alleged improper handling of California wildfire related claims from 2008. According to California Department of Insurance (CDI) general counsel, Adam M. Cole, “The allegations in this case reflect a troubling lack of attention to consumer needs by New Hampshire Insurance Company.” CDI has stated that each of the various violations for which the insurer has been sited have to do with “an…

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California homeowners to benefit from new insurance regulations

New rules for homeowners insurance have been implemented in California to help to protect people when disaster strikes their homes. The regulations have been implemented to help consumers to make sure that they have the coverage that they need when they have been paying into an insurance policy and the time comes that they need to make a claim following a disaster. According to Amy Bach, the head of United Policyholders, following a large loss, people frequently discover that they don’t have as much coverage as “they thought they had…

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