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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California homeowners insurance policies are becoming fewer and farther between

California Homeowners Insurance Policies - House Fire - Fire fighters

As the state prepares for another dangerous wildfire season, coverage is in the spotlight. California homeowners insurance policies are becoming a serious subject at the moment. With the approach of the wildfire season, a growing number of property owners are losing their coverage. That said, the issue of spiking premiums and reduced availability isn’t anything new. A recent New York Times report looked at the issue of California homeowners insurance policies. It examined the way the state has been trying to manage these challenges for a long time. It pointed…

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California wine country flooding leaves thousands of homes and businesses damaged

California wine country flooding - Vineyard at Sunset

The floodwaters have turned two communities in Northern California into temporary islands. California wine country flooding is the worst the region has seen since 1995 when the Napa river reached record peak levels. The rain in Northern California has turned two wine country communities into temporary islands. At the moment, they can be reached only by boat. Thousands of homes and businesses are flooded as rivers across the region crest their banks. The Russian River crested at over 46 feet last week and the water did not recede until later…

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Wells Fargo is leaving the California renters insurance market due to violations

California Renters Insurance - Wells Fargo Building

The financial services giant gave up its license in the state as a part of a wider settlement. Wells Fargo is no longer licensed to sell or broker California renters insurance for at least three years. The firm has given up its license for personal insurance in the state as a part of a settlement with California. The bank agreed to the settlement over allegations of signing unknowing customers up for policies. Aside from no longer being able to sell California renters insurance and life insurance coverage, the bank also…

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Will California earthquake insurance sales rise after The Great Shake Out?

California Earthquake Insurance - Damaged Home from Earthquake

Californians recently took part in an annual statewide event to boost preparedness for a quake. State officials are hoping California earthquake insurance sales will increase following a recent annual event. The Great Shake Out reminds Californians of the risk of a quake and the importance of preparedness. Despite the risk to residents of the state, only a small percentage have coverage against this peril. The Great Shake Out encourages people to check their supplies and practice safety drills in case of a quake. It also urges people to go over…

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California Legislature enacts homeowners insurance reforms regarding wildfires

california wildfire insurance - Homeowners insurance reforms

Victims of the fires that destroyed thousands of homes in 2017 will not benefit from the changes. The California Legislature has approved homeowners insurance reforms designed to boost consumer protections. This is particularly important as Californians battle with wildfire risks for yet another year. Devastating wildfires have become the new normal throughout the second half of every year. Wildfires are occurring statewide and the Legislature decided it was time to come to terms with these new trends. This was reflected in the new homeowners insurance reforms that have received approval.…

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California providers start dropping their high risk insurance customers

High risk insurance - Wildfire in Forest

Insurers have started withdrawing coverage from the most wildfire vulnerable areas. As wildfire season heats up, insurers across California have started to drop their high risk insurance customers. Homes that are the most vulnerable to wildfire may not be able to find coverage within the state as the flames start to spread yet again this year. Liberty Mutual and other insurance companies are stepping away from the highest wildfire risks. This trend could cause a growing number of Californian homeowners to find themselves without wildfire insurance coverage for their properties.…

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