California bans insurance companies from dropping climate change risk affected policies

Climate Change risks - forest fire at night

Wildfires have become costly enough that insurers have been ending coverage for many homes. California has taken an unusual new step to help to combat the cost of climate change risks among homeowners across the state. Wildfires have risen in the cost and damage they cause and insurance companies have started dropping coverage. The state has implemented a new regulation to stop insurance companies from dropping policies. The added expense from rapidly rising claims from climate change risks has motivated insurance companies to drop homeowners insurance policies at an increasing…

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California to overhaul comprehensive home insurance following widespread wildfires

Comprehensive home insurance - house on fire

Homeowners who lost their coverage due to fire threats will have access to plans next year. Californian homeowners who have been struggling with the loss of coverage due to wildfire threat will soon have comprehensive home insurance available to them once again. A new state-mandated plan has been created to make sure residents can obtain coverage. California Insurance Commissioner Ricardo Lara issued an order for this new comprehensive home insurance plan last Thursday. It was a response to the catastrophic wildfires that have left devastation in their wake in the…

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California wildfire preparedness takes the spotlight as evacuations rise

California wildfire preparedness - forest fire

Thousands of residents are learning how to prepare as power outages and smoky conditions increase. California wildfire preparedness has become an important topic in the state as blazes continue to rage in various parts of the state, including in regions around Los Angeles. As the threat of fire intensifies and evacuations increase, residents are learning how to be ready. Residents who have not already made a California wildfire preparedness plan are being advised to do so. The reason is that there isn’t always a lot of advance warning before the…

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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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