Rainstorms have been soaking the state, placing property owners at risk of uncovered water damage. Throughout the entire state of California, only about 230,000 homes and other properties are covered by flood insurance policies. This coverage is not included in standard home policies, leaving Californians vulnerable. Therefore, only about 2 percent of California properties have flood insurance coverage against rising waters from storms such as those that have been soaking the state in recent weeks. For most of the properties that are covered, the federal government is the insurer. About…
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California Assemblymember Levine’s wildfire budget aims to reduce insurance premiums
Levine has called for $10 billion to boost defensible space and reduce the cost of coverage. California Assemblymember Marc Levine (D-Marin County) has announced a $10 billion budget request as Governor Newsome readies for the May budget revision. The revision is expected to show surplus funds that could potentially be greater than $68 billion. Levine wants half of the $10 billion wildfire risk budget to be aimed at home hardening strategy implementation in areas of high wildfire risk. He is also seeking to ensure that insurance premiums can be reduced,…
Read MoreMercury Insurance seeks to dispel California wildfire myths
The season is lining up to be a record breaking one and the insurer hopes residents will inform themselves. Mercury Insurance has taken to its newsroom and has enlisted the help of expert Douglas Kent in the hopes of helping Californians to dispel some of the most commonly believed wildfire myths. As the blazes are being accepted as a normal part of living in the state, residents need the facts. The first among the wildfire myths that was addressed right away in the insurance company’s recent publication on its site…
Read MoreInsurance companies must boost wildfire preparedness, says California commissioner
Ricardo Lara has called on property insurers to play a role in assisting homes and businesses in readiness. California Insurance Commissioner Ricardo Lara has called for property insurers across the state to play a larger role in boosting wildfire preparedness among homeowners and businesses. The goal is to create improved widespread readiness as the fire risk season approaches this year. At the end of last week, Lara gave an update on the actions that California communities are taking to help promote wildfire preparedness among state residents. He spoke during a…
Read MoreCalifornia wildfire risk increases homeowners’ insurance challenge
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…
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 to overhaul comprehensive home insurance following widespread wildfires
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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