Tag: california wildfire insurance

California fire station project on pause because it can’t get property insurance

Julie Campbell
Property insurance - Pause Button on Fire Station

The crisis in the state is largely from wildfires, but even those battling them can’t get insured Wildfire risk is very high in many parts of California, leading to what many have called a property insurance crisis in both the residential and business markets. Many insurers have withdrawn from selling More recently, the size of the issue became particularly clear when a project to upgrade a fire station in the area stalled due to a lack of property insurance availability. Homeowners living in California’s mountains face a particularly high wildfire…

Read More

California takes different tack than Florida to beat home insurance crisis

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…

Read More

California wildfire risk increases homeowners’ insurance challenge

G. Turner
California wildfire risk - homes near fire

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 More

Seek wildfire insurance reimbursement, says California’s Commissioner Lara

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…

Read More

California wildfire preparedness takes the spotlight as evacuations rise

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…

Read More