California wildfires and rising rebuilding costs are sending home insurers packing, and it could mean higher premiums for the Golden State, according to S&P
s population in decline, rising home insurance premiums threaten to intensify the exodus and further weaken state and local finances, S&P Global Ratings Inc. warns.
The ratings firm sees a retreat by insurance companies — prompted by wildfires, skyrocketing rebuilding costs and regulatory limits on rate increases — as poised to push the state’s already high homeownership costs even higher, according to a report Thursday. Reduced competition among the remaining insurers is expected to lead to higher prices and fewer options for current residents or those considering a move to California.
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