California has been in the process of implementing various new regulations to give insurers more latitude to raise premiums in exchange for issuing more policies in high-risk areas. That includes regulations allowing insurers to consider climate change when setting their prices and allowing them ...
Fire damage is listed as a covered peril on most home insurance policies. Wildfire damage is typically included. However, that may not be the case if you live in a high-risk wildfire area. In this instance, your insurance company could limit or exclude wildfire protection from your policy. ...
The mounting frequency and severity of wildfires have placed immense pressure on California’s insurance industry. Following the 2025 LA wildfires, many insurers are once again re-evaluating their exposure in high-risk regions. This comes on the heels of several devastating fire seasons over the pas...
California fire station project on pause because it can’t get property insurance April 18, 2024April 17, 2024 Julie Campbell The crisis in the state is largely from wildfires, but even those battling them can’t get insured Wildfire risk is very high in many parts of California, leading to...
What can California homeowners do, particularly those who live near a forest? The III's Ruiz advises them to shop around. "I refer people to insurance brokers who are local and know which companies are offering insurance in high-risk areas," she said. ...
The California Fair Access to Insurance Requirements, or FAIR, Plan was established in 1968 to provide insurance coverage to homeowners in high-risk areas, whether that means their property is in a fire zone or along an earthquake fault line. The FAIR Plan is offered through a shared market ...
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Most homeowners policies cover fire and smoke damage, but insurers may be reluctant to cover homes in high-risk areas. (Learn more in our guide to wildfire insurance.) If you have trouble finding a policy, you can turn to the California FAIR Plan, the state’s insurer of last resort. ...
The rule will require home insurers to offer coverage in high-risk areas, something the state has never done, Insurance Commissioner Ricardo Lara's office said in a statement. Insurers will have to start increasing their coverage by 5% every two years until they hit the ...
California’s wildfire insurance system is also buckling under mounting pressure. The state Insurance Department announced Tuesday that California’s program providing insurance to high-risk property owners needs an additional $1 billion to cover claims from January’s wildfires,according to the Associated...