Millions in fire-ravaged California at risk of losing home insurance

destroyed more than 18,000 buildings, lawmakers in Sacramento prevented insurance companies from canceling homeowner policies in or adjacent to wildfire areas for 12 months after the day of an emergency declaration. The idea was to protect consumers after traumatic episodes and to give them time to make their homes more fire resistant. That, ideally, would prevent higher rates or cancellations.

It’s hard to tell whether this is wishful thinking or effective policy. Even before the law was enacted, California’s highly regulated market was seeing insurers quit the state or refuse to write new policies. In 2019, the last period for whichwas available, the state saw a 31% uptick in non-renewals. Over the same period there was a 36% increase in homeowners using the California FAIR Plan, the state’s bare-bones alternative for those who can’t get insurance in the traditional market.

And thanks to ever-increasing fires, still more homes are entering the program: at least 350,000 this year, some for the second time.

akis_matoulas This was a foregone conclusion, 5 years ago after massive devastating fires roared through the Napa Valley. Many fire insurance companies sent out letters to everyone who had fire insurance in California that they won't guarantee that it would be renewed in the coming years!

Good! Sick of paying increased premiums on homes that shouldn’t exist in fire corridors

🔥🏠🏚

Another way to put it is to require those that live there to have to assume the risk themselves and not expect others to cover it for them. See also: places that regularly flood that the rest subsidize.

this is terrible news

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Why don't you tell them what the ultimate plan of government is. No private ownership period.

I wondered when the insurance companies were gonna have their say. The Ins. Cos. should be refusing to insure people who choose not to vaccinate also, w/some health exceptions. Those ICU bills can get very expensive.

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