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 Many insurers have withdrawn from selling More recently, the size of the issue became particularly clear when a project to upgrade a fire station in the area stalled due to a lack of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…
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Northern California wildfires break $9 billion in insurance claims
The fires that torched their way through the state’s wine country in October have broken fire records. The Northern California wildfires from October have already generated an incredible $9 billion in insurance claims. This has easily left the previous wildfire insurance claim records well behind. The October blaze is now the most expensive single fire in the history of the United States. California Insurance Commissioner Dave Jones does not think that total will rise much further for those Northern California wildfires. The $9 billion figure represents the total insurance claims…
Read MoreCalifornia wildfire insurance losses have reached $3.3 billion and continue to rise
A new report from the state Department of Insurance released figures based on claims reported by 15 insurers. The losses faced by California wildfire insurance companies continue to rise as the figure has now broken the $3.3 billion mark. That number was revealed by the California Department of Insurance and is based on the claims data reported by 15 insurers in the state. That figure only represents the current losses faced by the insurers but the total for the year will only get higher. That data is based on California…
Read MoreCalifornia wildfire insurance coverage remains important despite drought end
Millions of residents of the state aren’t out of the risk of wildfires even though the rains returned. The end of the several year long drought in the state hasn’t eliminated the need for California wildfire insurance yet, says a new report. Last winter came with soaking storms that put an end to what looked as though it would be a never-ending drought. Despite the fact that the land is no longer parched as it has been over the last few years, this doesn’t mean that the threat of wildfires…
Read MoreLondon tower block fire wasn’t without warning from the insurance industry
The Grenfell Tower building was completely destroyed in a massive blaze, killing at least 79 people. The London tower block fire that led to the death of at least 79 people and injured many others did not occur without warning. The insurance industry in the United Kingdom had previously warned the British government that the external surfaces like the one on Grenfell Tower and several other buildings are flammable and dangerous. The insurance industry’s warning was issued a month before the killer blaze that shook the city and shocked the…
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