As wildfires burn homes across California, the state is also grappling with a different kind of climate predicament: How to stop insurers from abandoning fire-prone areas, leaving countless homeowners at risk. Years of megafires have caused huge losses for insurance companies, a problem so severe that, last year, California temporarily banned insurers from canceling policies… Continue reading Wildfires Hasten Another Climate Crisis: Homeowners Who Can’t Get Insurance
Tag: California homeowners insurance
Insurers to Non-Renew Homeowners Coverage for 350,000 California Residents
Insurance has become a serious problem in California as wildfires — past and present — wreak havoc on the state. After last year’s devastating wildfires, insurance companies are balking at fire coverage policy renewals for more than 350,000 residents in high-risk areas. “We are seeing an increasing trend across California where people at risk of… Continue reading Insurers to Non-Renew Homeowners Coverage for 350,000 California Residents
US Department of Finance Halts California Disaster Bill
Legislation which for the past few months had been gaining momentum and promised to protect the state from disasters, including wildfires, has stalled in the state assembly following objections from the Department of Finance that it would have exposed taxpayers to unnecessary financial risks. Analysis claims the legislation is not needed because of the Governor’s… Continue reading US Department of Finance Halts California Disaster Bill
‘Sticker Shock’ for California Wildfire Areas: Insurance Rates Doubled, Policies Dropped
Jennifer Burt knows she lives in a fire-prone community. That’s why she’s done everything she can to fire-proof her home in Meadow Vista, in the bushy, densely wooded Placer County foothills, even installing a sprinkler system on the roof. Yet a few weeks ago, her insurance carrier — Lloyd’s of London, known for insuring high-risk… Continue reading ‘Sticker Shock’ for California Wildfire Areas: Insurance Rates Doubled, Policies Dropped