Article Image
News Link • California

CA Insurance Exodus: Homeowner Coverage Evaporating in the Wake of the California Wildfires

•, By Jenny Jayne

But even as the ashes are settling, residents of wildfire-ravaged areas that the California Department of Insurance is calling "The Wildland-Urban Interface" or WUI, are facing yet another looming threat. National big-name insurance companies offering home and property insurance are cutting their losses and evacuating California in droves, leaving entire communities in financial crisis.

California communities, already devastated by wildfires or even just in high-risk fire zones, are facing double and triple rate hikes or being dropped from their insurance carriers altogether, reports The Sacramento Bee:

Two consecutive disastrous wildfire seasons have created a budding insurance crisis for thousands of Californians who live in and around fire-prone areas. Stung by $24 billion in losses, insurers are imposing rate hikes or dumping customers altogether, leaving homeowners to seek replacement policies that can be two or three times as expensive. (source)

Free Talk Live