Insurers drop almost 350,000 California homeowners in high-fire risk areas
New California data shows insurance companies declined to renew nearly 350,000 home insurance policies in areas at high risk for wildfire since the state began collecting data in 2015.
The data released this week did not say how many people who lost their insurance were able to purchase it elsewhere or how much more it cost. It also showed total new and renewed insurance policies increased in fire risk areas during the same period.
Loss of home insurance or spiking policy prices are one consequence of California’s deadly and destructive wildfires in recent years. The state did not collect the same data before 2015, making it difficult to get a wide view of changes in the state’s home insurance market. Still, lawmakers, regulators and homeowners alike say they’re concerned about the effect of devastating wildfires on homeowners.
Joel Laucher, an insurance department consultant, told lawmakers Wednesday that insurers are requesting premium hikes “in record numbers.” The department received 25 requests for rate increases in 2015, compared with 69 in 2018, with even more requests likely this year.
Read more: https://www.pe.com/2019/08/22/california-insurers-drop-policies-in-high-fire-risk-areas/
(Riverside Press Enterprise)
= new reply since forum marked as read
