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Insurance is a capital-intensive business with thin profit margins, and many insurers have been hemorrhaging money in California in recent years as wildfires intensify. 2018’s Camp Fire in ...
The scale of losses anticipated in the wildfires now ringing Los Angeles, as well as regulatory changes enacted late last year, could spell an end to relatively cheap homeowners' insurance in ...
A recent rule change could cause a spike in insurance premium for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in ...
The average homeowners insurance premium jumped 33% from 2020 to 2023, rising from $1,902 per year to $2,530, according to 2024 research from economists at the University of Pennsylvania's Wharton ...
That means State Farm's California home insurance branch, which covers over 21% of the state market, would be required to cover 18% of the houses in fire zones.
California does have an insurance program under the Fair Access to Insurance Requirements Plan, established in the 1960s, which provides fire insurance coverage for high-risk properties.
Peter Vanek, president of PVRK, a Southern California-based real estate consulting company, said his home was destroyed by a battery fire in 2023. His insurance initially estimated $350,000 for ...
(The Center Square) - California homeowners may face noticeable insurance rate hikes under new rules finalized by state regulators that allow property insurers to use complex climate algorithms ...