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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.
Home insurance policies cover wildfires, however, if you are in a high-risk fire area an insurer may deny coverage based on the risk your home presents. Other carriers may offer you coverage but ...
It factored in wildfire risks, the percentage of homes that are on the FAIR plan, the average cost of insurance and the per capita income level in each of the districts, when coming up with the lists.
Homeowners in areas at high risk of wildfires could have an easier time finding insurance coverage in the future under an eagerly-awaited proposal released Wednesday by the Department of Insurance.
The company estimated the average policyholder in an area with a high fire risk would save about $42 to $75 a year for taking the specific mitigation steps, according to a document obtained by The ...
Under a state law passed in 2023, insurers cannot use a wildfire hazard map produced by a state agency to cancel or decline to renew a homeowner insurance policy, or to increase premiums. However, McEvoy noted that most insurers have been developing their own wildfire risk models for a long time.
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