california natural disasters 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…

Climate change is sending California into an insurance crisis

June 9, 2023June 8, 2023 Julie Campbell

Climate change - Crisis Ahead California Flag

Increasingly frequent and damaging wildfires are making coverage extremely expensive, when it’s available. Climate change has been blamed for the worsening wildfires that have plagued California over the last few years, and this problem has been affecting the insurance industry to an increasing degree, as coverage becomes more difficult to obtain, and challenging to afford when it is available. Major insurers State Farm and Allstate have stopped selling new home and business policies in California. As is the case with natural disasters in other parts of the country, such as…

Consumer advocates say home insurance is still available in California without State Farm

June 5, 2023June 2, 2023 Marc

They are assuring property owners that other insurers will be able to help them find coverage. State Farm recently announced that it would no longer be accepting new home insurance and business insurance applications in California, due to the increasing frequency of wildfires and the rising cost of repairs. Many property owners are now wondering how they will be able to find coverage in the state. According to consumer advocate groups, there are still opportunities to find home insurance coverage in the state, though some are hoping that since State…

Commissioner Lara reminds state to review California insurance coverage

January 13, 2023January 12, 2023 Logan B.

California insurance - Flag for California

The recommendation is to know exactly what is covered from floods and mudslides caused by wildfires. Insurance Commissioner Ricardo Lara has issued a formal notice to insurers to inform them that it is their legal duty to provide California insurance coverage for any future disaster such as mudslides caused by the recent wildfires. Those wildfires have left hillsides weakened, increasing risks such as mudslides and flooding. Residents in wildfire burn areas who are at an even higher vulnerability are being advised to check their California insurance coverage to be familiar…

California Assemblymember Levine’s wildfire budget aims to reduce insurance premiums

May 13, 2022May 12, 2022 Logan B.

Insurance premiums - Reduce costs - wildfires

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,…