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Insurance companies abandoning California at a faster rate, as wildfires wreak havoc

by Dale Kasler, Sacramento Bee


Highlights

  • Deputy Insurance Commissioner Bryant Henley announced that insurance companies have dropped many Californians in the Sierra foothills after the 2017 and 2018 wildfire season resulted in losses of $25 billion for those companies
  • 42,088 homeowners were sent non-renewal in the foothill counties in 2019 and had to purchase replacement coverage at double or triple their original insurance costs, many on the California FAIR Plan
  • Enrollees of the California FAIR Plan, the state’s “insurer of last resort,” jumped from 140,000 in 2018 to over 200,000 this August
  • Industry officials say climate change and other factors are making increasingly large swaths of California almost uninsurable and affordable insurance will be less easy to obtain as fire seasons intensify 

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Read More: https://www.sacbee.com/news/california/fires/article246561448.html