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Northern California wildfires break $9 billion in insurance claims

December 11, 2017December 9, 2017 Julie Campbell

fire fighter northern california wildfires

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…

California wildfire insurance losses have reached $3.3 billion and continue to rise

November 3, 2017November 1, 2017 Nordstrom

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…

California wildfire insurance coverage remains important despite drought end

July 25, 2017July 22, 2017 Marc

California wildfire insurance fire season homeowners

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…

London tower block fire wasn’t without warning from the insurance industry

June 28, 2017June 26, 2017 Julie Campbell

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…

$300k renters insurance settlement proves you shouldn’t blowtorch a squirrel

January 27, 2017May 4, 2018 Marc

A woman tried to clean the fur off a dead squirrel with a propane torch and burned down the building. A recent renters insurance settlement case serves as an important caution to anyone who would be inclined to use a blowtorch on a squirrel. A Michigan woman learned this the hard way after she and her boyfriend burned down her apartment complex. The couple had been at the woman’s home when they decided to try to remove a dead squirrel’s fur. The woman’s boyfriend was using the blowtorch to take…

Homeowners insurance trends show claims and losses are falling

November 8, 2016November 4, 2016 Logan B.

A LexisNexis report has found that home carriers are riding a positive wave at the moment. LexisNexis has released a report saying that homeowners insurance trends are good for providers right now. The claims are decreasing while the loss costs have been either falling or remaining flat. This U.S. insight was published in the 2016 LexisNexis Home Trends Report. The homeowners insurance trends report took into account that there was only one major hurricane this year in the United States. Moreover there was a decline of 30 percent from 2010…

California wildfire insurance rates are heading skyward

August 22, 2016August 19, 2016 G. Turner

california wildfire insurance - Homeowners insurance reforms

In southern parts of the state, residents have been watching their premiums rise due to the fires. Dozens of Southern Californians are threatened by forest fires and at the same time as they worry for their homes, they are watching their California wildfire insurance premiums skyrocket. Many houses have already been damaged – or nearly damaged – which can be enough to affect premiums. That said, it’s important to note that wildfire insurance won’t automatically spike right away. The odds are that California wildfire insurance rates will rise. This is…