Live Insurance News

Seek wildfire insurance reimbursement, says California’s Commissioner Lara

August 24, 2020August 22, 2020 H. Cutner

Wildfire insurance reimbursement - fire burning

Ricardo Lara recommends homeowners and renters carefully record their expenses. California residents who have been evacuated are being encouraged to record their expenses in order to seek wildfire insurance reimbursement regardless of whether or not their properties are ultimately damaged or destroyed. The recommendation was made by Insurance Commissioner Ricardo Lara. Commissioner Lara pointed out that homeowners’ policies will often cover relocation costs, even when not seeking direct wildfire insurance reimbursement for damage or destruction of property. Earlier this month, more than 10,000 lightning strikes over a single weekend led…

Fire insurance cost slash away at California real estate market wellness

January 8, 2020January 7, 2020 Logan B.

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…

California bans insurance companies from dropping climate change risk affected policies

December 10, 2019December 10, 2019 H. Cutner

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…

California wildfire preparedness takes the spotlight as evacuations rise

November 5, 2019November 3, 2019 Julie Campbell

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…

California fire insurance companies decline almost 350,000 policy renewals

August 27, 2019August 25, 2019 H. Cutner

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…

Last November’s California wildfires caused $11.4 billion in insured damage

February 1, 2019January 31, 2019 Logan B.

Residents of the state have filed many thousands of insurance claims from the Camp Fire. Last year’s record-breaking California wildfires have now generated $11.4 billion in insurance claims. This has made the fires in that month, which ripped their way through Butte County and Southern California, some of the most expensive the state has ever experienced. The Camp Fire killed 86 people and essentially burned the town of Paradise right off the map. Three quarters of the losses from California wildfires in November 2018 were the result of the Camp…

Bankrupt California insurance company may face state takeover

December 5, 2018December 5, 2018 Marc

Regulators move to take over an insurer unable to pay its wildfire claims following massive destruction. A California insurance company bankrupted by the Camp Fire and other wildfires may be taken over by the state. Regulators have made their first moves toward a takeover after wildfires raged through the state, destroying over 13,000 homes. Merced Property & Casualty Company was unable to keep up with the cost of its policyholder claims. The California insurance company was pushed into insolvency by the wildfire sparked on November 8, 2018. That same fire…