As more companies refuse to provide fire insurance to homeowners in a state plagued by increasingly destructive blazes, California’s insurance commissioner said Thursday that a plan once meant to be a last resort will be expanded. “I am taking this action after meeting with thousands of California homeowners across the state who are struggling to… Continue reading California to Expand Last-Chance Fire Insurance for Homeowners
Tag: wildfire insurance
Reducing U.S.’s Wildfire Risks Will Require Concerted Action
Nearly a year after the deadliest and costliest wildfire in U.S. history, insurers and the customers they cover are revisiting how to reduce their collective exposure to this risk, according to the Insurance Information Institute (I.I.I.). “While our research has been in the works for the last year because of California’s catastrophic wildfires in 2017… Continue reading Reducing U.S.’s Wildfire Risks Will Require Concerted Action
More Californians Could Lose Home Insurance After Wildfires: WSJ
A new wave of wildfires is likely to reduce the availability of home insurance in vulnerable areas of California. Home insurance already became scarce and expensive in some regions after insurers’ massive payouts for wildfire losses in the state in 2017 and 2018. Home insurers have declined to renew tens of thousands of home-insurance policies… Continue reading More Californians Could Lose Home Insurance After Wildfires: WSJ
Evacuations Underway in Los Angeles as Getty Fire Threatens Thousands of Homes
A growing brush fire was threatening thousands of homes in Brentwood and other hillside communities on the westside of Los Angeles, burning homes and prompting widespread evacuations early Monday. The Getty fire broke out shortly after 1:30 a.m. along the 405 Freeway near the Getty Center and spread to the south and west, rapidly burning… Continue reading Evacuations Underway in Los Angeles as Getty Fire Threatens Thousands of Homes
Sonoma County Fire Explodes to 10,000 Acres, Prompting Additional Evacuations
Pushed by wind gusts that topped 70 mph, a monster brush fire spread rapidly overnight in a rural section of Sonoma County, California, threatening communities and forcing evacuations. The Kincade fire is an estimated 10,000 acres and has no containment, according to the California Department of Forestry and Fire Protection and local officials. It is… Continue reading Sonoma County Fire Explodes to 10,000 Acres, Prompting Additional Evacuations
Are Adjusters Cheating California Wildfire Victims?
Two wildfire victims are suing California’s top insurance regulator, alleging the state failed to protect Californians from unscrupulous, out-of-state adjusters working illegally in California who mishandled claims. The Department of Insurance is fighting the case in court, saying in documents that the suit is “an attempt to manufacture a ‘crisis’ that does not exist.” Yet… Continue reading Are Adjusters Cheating California Wildfire Victims?
Is Wildfire Risk Turning California Into A ‘Third World’ State?
The darkened traffic signals, long lines for gasoline and the sight of senior citizens laboring to recharge their medical devices have forced the world’s fifth largest economy to confront its vulnerability to wildfires — while exposing Pacific Gas and Electric Co. to withering criticism about its aging power equipment. For the seventh time in less… Continue reading Is Wildfire Risk Turning California Into A ‘Third World’ State?
Delos Uses Satellite Imagery and AI to Help Homeowners in Wildfire Areas Get Insurance
Insurance companies are shying away from covering homes in wildfire areas. But “wildfire areas” tend to be pretty broad. What if companies could evaluate the risk on a more granular level — tapping things like satellite imagery and machine learning combined with wind, weather and topology data, to better define the riskiest zones? Could more… Continue reading Delos Uses Satellite Imagery and AI to Help Homeowners in Wildfire Areas Get Insurance
UN Climate Report Warns of Warming Oceans, Sea Level Rise
The latest United Nations’ climate report released Wednesday paints a dire picture of the world’s oceans, warning that some ice melt may be irreversible as the globe faces rising sea levels that threaten coastal areas. Even if countries significantly curbed their emissions, the planet is marching toward sea level rise of a meter, and most… Continue reading UN Climate Report Warns of Warming Oceans, Sea Level Rise
No One Can Agree on How to Price California Home Insurance for Wildfires
Finding home insurance in wildfire-prone parts of California is getting more difficult and more expensive. No one can agree on how to make it any easier. A new flashpoint is the use of algorithmic models for predicting catastrophe losses. Insurers have long used these models to project losses from natural disasters but insurers, homeowners and… Continue reading No One Can Agree on How to Price California Home Insurance for Wildfires