California lawmakers on Thursday approved a multibillion-dollar fund meant to stabilize the state’s largest utilities amid fears of sizable future liability costs from deadly wildfires tied to their equipment. The creation of the wildfire fund, one of the biggest challenges in the first year of Democratic Gov. Gavin Newsom’s administration, is part of a broader… Continue reading California Legislature Approves Multibillion-Dollar Wildfire Fund
Tag: homeowners insurance
New Report Predicts 6 Major Hurricanes in the 2019 Season
Meteorologists are predicting six major hurricanes to develop in the remainder of the 2019 season, according to a new report released Tuesday by the Colorado State University Tropical Meteorology Project. CSU defined major hurricanes as categories 3, 4 and 5. It expects 13 named storms to develop as well. This falls short of NOAA’s forecast… Continue reading New Report Predicts 6 Major Hurricanes in the 2019 Season
California Lawmakers Race to Pass Wildfire Legislation by July 12
Lawmakers in Sacramento may be on the cusp of making significant changes in the way utilities pay for the cost of devastating wildfires caused by their own equipment and maintenance programs. But they are racing against the clock and, in some cases, criticism over whether their legislative fixes amount to a big bailout for power… Continue reading California Lawmakers Race to Pass Wildfire Legislation by July 12
Actuaries Provide a Look at Wildfire Risk Ahead of 2019 Season Peak
As peak wildfire season approaches with the kickoff of summer 2019, a new issue paper from the American Academy of Actuaries examines the key challenges and information that property insurance consumers, insurers, public policymakers, and other stakeholders need to know about wildfire risk. “California’s devastating 2017 and 2018 wildfires were a wake-up call to all… Continue reading Actuaries Provide a Look at Wildfire Risk Ahead of 2019 Season Peak
PG&E to Pay $1B to Local Governments for CA Wildfire Damage
A California utility agreed Tuesday to pay $1 billion to 14 local governments to cover damages from a series of deadly wildfires caused by its downed power lines. The settlement is a sliver of the more than $30 billion in potential damages Pacific Gas & Electric is facing in lawsuits filed by local governments, insurance… Continue reading PG&E to Pay $1B to Local Governments for CA Wildfire Damage
Citizens Insurance Reduces Rate Hikes
Citizens Property Insurance is scaling back a proposed rate hike after lawmakers and Florida Gov. Ron DeSantis approved an overhaul that the state-backed insurer has long pursued. Members of Citizens’ Actuarial and Underwriting Committee advanced a plan Tuesday to the full Board of Governors to lower a proposed average residential premium increase from 8.2 percent… Continue reading Citizens Insurance Reduces Rate Hikes
Travelers Offers Wildfire Defense Services Endorsement to California Customers
The Travelers Companies, Inc. today announced it is including a Wildfire Defense Services endorsement in all California home and landlord policies. The endorsement, included at no additional cost to the policyholder, helps provide an added layer of wildfire protection for customers. Travelers is working with Wildfire Defense Systems (WDS), a private firm that specializes in… Continue reading Travelers Offers Wildfire Defense Services Endorsement to California Customers
Tornado Cuts through Kansas City Area Leaving Path of Destruction
A powerful tornado chewed across the Kansas City, Kan., area for more than an hour Tuesday evening, damaging homes, downing trees and injuring at least 12 people, officials said. The storm cut a path of destruction for at least 35 miles from Overbrook, Kan., to Bonner Springs, Kan., said Jonathan Kurtz, a meteorologist with the… Continue reading Tornado Cuts through Kansas City Area Leaving Path of Destruction
Tornadoes Leave Trail of Destruction in Ohio
Powerful tornadoes swept through Ohio Monday night, leaving a path of destruction in Dayton and at least one person dead in a small town 60 miles to the north, officials said. The storm that struck the north side of Dayton hit around 11 p.m., National Weather Service officials said, leaving a miles-long path of devastation… Continue reading Tornadoes Leave Trail of Destruction in Ohio
Chubb Launches New Home Accessibility Risk Consultation Service
A new survey from Chubb finds that the majority of homeowners are underestimating the likelihood of disability, especially during retirement years, and the impact it can have on their everyday life. Despite the fact that the Centers for Disease Control and Prevention reports that one in four U.S. adults lives with a disability, Chubb’s “Home… Continue reading Chubb Launches New Home Accessibility Risk Consultation Service