Thousands of California homeowners have lost their insurance policies as insurers pull out of areas that are at risk of fire damage or stop insuring homes altogether.
FILE - In this Oct. 27, 2019, file photo Woodbridge firefighter Joe Zurilgen passes a burning home as the Kincade Fire rages in Healdsburg, Calif. California's massive property insurance market is feeling the effects of three straight years of damaging wildfires. Insurers have pulled out of some markets and canceled thousands of policies, forcing regulators to step in and expand a state program that homeowners often turn to as a last resort.
“It’s constant worry and frustration. You know you’re covered now, but I might have to look for a new policy next year yet again.” Michitsch says he’s never made a claim on his insurance and never had fire damage. While the insurance industry says the California property insurance market is resilient, state lawmakers and officials have had to scramble to keep the market from grinding to a halt from the unexpected additional risk.
The fires of 2017 and 2018 caused a combined $25.3 billion in damages according to the California Department of Insurance. That’s exponentially higher than the previous wildfires in 2015 and 2008, which caused $1.1 billion and $719 million in damages, respectively. While some insurers are pulling out and others are reconsidering how they price property insurance, it is still available in one form or another to every homeowner, according to the Insurance Information Institute.
Karl Susman, owner of Susman Insurance Agency in Los Angeles, says the average annual premium on a homeowner policy plus FAIR to cover fire now costs around $2,500 a year, three times higher than it was three years ago.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Air quality to be closely monitored ahead of Australia testsRampaging wildfires around Australia have put Cricket Australia (CA) and the nat...
Consulte Mais informação »
How Sacramento shifted billions of dollars in future wildfire costs to consumersCalifornia will automatically consider utility-caused wildfire costs reasonable unless a third party can prove “serious doubts,” experts say.
Consulte Mais informação »
Why I purchased an $800,000 life insurance policy at age 27 - Business InsiderLife insurance was never on her radar, until her apartment flooded and she had to reconsider her priorities.
Consulte Mais informação »
Russia says 'nothing catastrophic' about U.S. sanctions on Nord Stream 2Russian Prime Minister Dmitry Medvedev said on Monday there was 'nothing ca...
Consulte Mais informação »
California to toughen group discounts regulations in auto insuranceThe California Department of Insurance on Monday proposed to reform how insurers...
Consulte Mais informação »
I've Worn Hair Extensions for 14 Years—These Are the Top 8 Brands to Shop for BundlesShop the best online hair extension brands for clip ins, wefted hair, and faux bangs.
Consulte Mais informação »