California wildfire insurance coverage Archives

California takes different tack than Florida to beat home insurance crisis

September 14, 2023September 13, 2023 Marc

Home insurance - Home on fire - Option A Option B

Officials in the state are looking for options to support property insurers in wildfire prone regions. California officials are working to avoid facing a similar situation in their home insurance market to that faced by officials in Florida. Florida residents are livid with their elected officials for allowing premiums to skyrocket to current levels. Catastrophic storms have been sending home insurance rates steadily and steeply upward in Florida. California is aiming to avoid the same situation due to the regular and devastating storms blasting their way through. State officials in…

California wildfires may need to be a way of life, say insurance officials

May 27, 2021May 26, 2021 Nordstrom

After 2020’s record-breaking fire season, officials warn that this may be an ongoing trend. California wildfires caused the destruction of over 10 million acres in 2020 according to a progress report from the U.S. Department of Agriculture outlining the resilience strategy. The progress report’s focus is on efforts to reduce fire fuel through forest thinning strategies. Details from the strategy show that federal efforts will be rising by “two to four times more” than the current levels for reducing destruction from the blazes. This plan was released by the Biden…

California wildfire risk increases homeowners’ insurance challenge

September 16, 2020September 15, 2020 G. Turner

California wildfire risk - homes near fire

Insurers are facing massive losses and have been withdrawing from areas prone to fires. The California wildfire risk has been causing problems for homeowners in the state that extend beyond the devastation left behind by the widespread uncontrolled blazes that are becoming increasingly problematic. As massive blazes become more commonplace, the cost associated with them is sending insurers away. Due to the California wildfire risk, insurers are falling out of love with the opportunity to insurer the properties there, particularly in areas most prone to the fires. “The marketplace has…