The devastating wildfires raging in Los Angeles County have ignited fears of a new wave of home insurance price hikes across California. Experts warn that insurance companies will capitalize on the fires to increase premiums for all policyholders.
As wildfires rage through Los Angeles County, there are growing fears of further increases in homeowners insurance premiums across California . The devastating urban blazes are fueling concerns about what comes next: could there be another surge in home insurance policy costs? Carmen Balber, executive director of Consumer Watchdog, a nonprofit that monitors California insurance companies, stated, 'It feels apocalyptic in L.A.
right now, and it feels like things have changed for anyone who is in the middle of this, and I think we just have to take a step back.' These deadly wildfires arrive as the state insurance commissioner proposed new rules requiring insurance carriers to offer coverage for homes in high-risk areas with a trade-off: increased prices for all policyholders. Congressman John Garamendi, the former California insurance commissioner, warned that insurance companies will exploit these fires to raise policy prices for everyone. 'Every homeowner, every business in California will be affected by this fire,' Garamendi said. 'It's going to be a major effort from the effort to use this fire and other fires to jack up the rates.' Republican Assemblymember Bill Essayli urged Governor Gavin Newsom to convene a special session to enact new laws in response to the LA wildfires. 'Look, we were already on the brink. This is going to push us over,' Essayli said. 'This is going to accelerate the run to the exit. Insurance companies are going to go out of the state even faster. This is a disaster. It's going to get a lot worse because of this fire.' There is a one-year protection for homeowners in fire zones. A fire insurance company cannot deny renewal to people in a high-risk fire zone or in the surrounding zip codes
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