Live Insurance News

California fire insurance companies decline almost 350,000 policy renewals

August 27, 2019August 25, 2019 H. Cutner

California fire insurance companies - Firefighters fighting wildfire

Insurers are taking big steps back from the industry in the state’s highest risk areas. New data from the state shows that California fire insurance companies have declined the renewal of almost 350,000 home policies since 2015. This was most common in areas with the highest wildfire risk. The data showed that insurers are trying to reduce their risk exposure as wildfires become more costly. The newly released data did indicate that California fire insurance companies have dropped hundreds of thousands of customers. However, it did not point out how…

Last November’s California wildfires caused $11.4 billion in insured damage

February 1, 2019January 31, 2019 Logan B.

Residents of the state have filed many thousands of insurance claims from the Camp Fire. Last year’s record-breaking California wildfires have now generated $11.4 billion in insurance claims. This has made the fires in that month, which ripped their way through Butte County and Southern California, some of the most expensive the state has ever experienced. The Camp Fire killed 86 people and essentially burned the town of Paradise right off the map. Three quarters of the losses from California wildfires in November 2018 were the result of the Camp…

Bankrupt California insurance company may face state takeover

December 5, 2018December 5, 2018 Marc

Regulators move to take over an insurer unable to pay its wildfire claims following massive destruction. A California insurance company bankrupted by the Camp Fire and other wildfires may be taken over by the state. Regulators have made their first moves toward a takeover after wildfires raged through the state, destroying over 13,000 homes. Merced Property & Casualty Company was unable to keep up with the cost of its policyholder claims. The California insurance company was pushed into insolvency by the wildfire sparked on November 8, 2018. That same fire…

California providers start dropping their high risk insurance customers

July 25, 2018July 24, 2018 G. Turner

High risk insurance - Wildfire in Forest

Insurers have started withdrawing coverage from the most wildfire vulnerable areas. As wildfire season heats up, insurers across California have started to drop their high risk insurance customers. Homes that are the most vulnerable to wildfire may not be able to find coverage within the state as the flames start to spread yet again this year. Liberty Mutual and other insurance companies are stepping away from the highest wildfire risks. This trend could cause a growing number of Californian homeowners to find themselves without wildfire insurance coverage for their properties.…

Wildfire insurance problems persist 2 years after Canadian Fort McMurray Disaster

May 8, 2018May 7, 2018 Julie Campbell

Wildfire insurance problems - Forest Fire

After flames ripped their way through entire neighborhoods of the Alberta town, rebuilding is been slow. Two years after the devastating Fort McMurray fire in Canada, wildfire insurance problems continue to plague homeowners. In fact, only 20 percent of the destroyed homes are rebuilt. The northern Alberta saw 2,579 homes completely destroyed by the wildfire that struck in 2016. The destruction produced the highest wildfire costs in Canada until that time, as Live Insurance News reported. Donations to support those whose homes were ravaged poured in from across the country…

California wildfire insurance stirs up heat between industry and state lawmakers

May 1, 2018April 28, 2018 Logan B.

California wildfire insurance - forest fire

The state Senate Insurance Committee is taking on the insurance industry regarding this coverage. California wildfire insurance was a hot topic, so to speak, between insurers and the State Insurance Committee. The committee is chaired by Senator Steve Glazer (D), widely considered to be the most moderate senator in the upper house. The Senate Insurance Committee voted on to bills that will dictate the future of wildfire coverage. The vote took place on Friday for the two bills. These bills were designed to make significant changes to the way California…

California wildfire damage threatens homes, wine country and lives

October 10, 2017October 10, 2017 Julie Campbell

Mandatory evacuations were ordered over the weekend to protect residents whose properties are at risk. Firefighters continue to battle Northern California wildfire damage as the blazes continue to be stoked by local winds. Evacuation orders were issued to residents in the wine country area as the fires continue to blast their way across the region. Despite the best efforts of local officials, at least 10 people have already been reported as killed by the fires. Twenty thousand people are now headed away to seek shelter. At first, hundreds of the…