Homeowners insurance rates spike as fire risk rises

California wildfire insurance fire season homeowners

Certain areas of California are watching their rates soar as wildfire smoke moves closer. Residents of California who are living near regions that have recently started facing increased wildfire risks are now discovering that their homeowners insurance has been heading skyward with the plumes of black smoke. The changing fire risk areas have forced many homeowners to see a doubling in their insurance rates. There are a number of different factors that have caused fire to become an increasing component in the homeowners insurance rates. The most obvious has been…

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Homeowners insurance in Colorado to experience massive reforms

Colorado homeowners insurance industry wildfires

The tremendously destructive wildfires in the state have caused underwriters to come together to overhaul the system. Over the last three years, Colorado has experienced devastating wildfires that have ignited an overhaul of the state’s homeowners insurance system, in the hopes that consumers might begin seeing some positive changes over the next few several weeks. The situation in the states has undergone a considerable change that has brought coverage to the spotlight. According to Carole Walker, the Rocky Mountain Insurance Information Association executive director, “The cycle of natural disaster has…

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