Average wildfire insurance claim is $224,000, says State Farm

Wildfire insurance Claims

The insurer recently released its most recent data in the category as well as damage reduction tips. According recently released State Farm data, the average wildfire insurance claim payment is currently $224,000, which is an increase of 8 percent over what it was in 2021. The states from which the majority of claims have been made in recent years are California, Oregon and Colorado. National Interagency Fire Center (NIFC) data showed that last year, there were almost 59,000 wildfires in the United States. They burned a total of about 7…

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Smoke affected vineyards advised to look into their California crop insurance

California crop insurance - Vineyard

Growers impacted by the wildfires in the state should review their policies to understand coverage. Vineyards and other growers whose plants are affected by wildfire smoke are being advised to take a look at the fine points of California crop insurance coverage on their policies. Many wine grape growers have found that a loophole that has removed their smoke taint coverage. A California Association of Winegrape Growers (CAWG) online webinar placed the California crop insurance situation in the spotlight last week. As the majority of the state has been affected…

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Fire insurance cost slash away at California real estate market wellness

Fire insurance costs - none on fire

Rising wildfire risks have made a dent in property values due to associated coverage expenses. Homeowners in California face rising fire insurance costs, cutting into the success of the state’s real estate market. Areas both prone to wildfire and those surrounding them are watching values shrink. As insurers continued to raise fire insurance costs and attempted to step out of areas most prone to wildfires, the real estate market has taken a serious hit. Homeowners in the state have been watching the market cool due to the expenses linked with…

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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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Homeowners insurance reforms expected in Colorado

Homeowners Insurance

The wildfires from last year have spurred lawmakers to consider changes to the current coverage. Lawmakers in Colorado are taking a new look at homeowners insurance which have been based on the complaints that have been collected from property owners over the last months since the wildfires in the state. In fact, they are now closing in on an agreement on a number of different changes to the coverage. The wildfires in Colorado brought a number of homeowners insurance issues into the spotlight and those in charge of regulations did…

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