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…
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Fire insurance cost slash away at California real estate market wellness
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…
Read MoreCalifornia bans insurance companies from dropping climate change risk affected policies
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…
Read MoreCalifornia wildfire preparedness takes the spotlight as evacuations rise
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…
Read MoreCalifornia fire insurance companies decline almost 350,000 policy renewals
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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