Waters and Sherman introduce bill to address gaps in wildfire insurance coverage
2 months, 1 week ago

Waters and Sherman introduce bill to address gaps in wildfire insurance coverage

LA Times  

Two California representatives in Washington are trying to combat the state’s home insurance crisis that has left many residents without coverage as wildfires tear through the Los Angeles area. Reps. Maxine Waters and Brad Sherman reintroduced on Thursday the Wildfire Insurance Coverage Study Act, which calls for an assessment of the home insurance market in communities with high wildfire risk. “This leaves families and businesses throughout the state of California without the resources they need to recover.” The Wildfire Insurance Coverage Study Act would require the Government Accountability Office to examine the availability and affordability of home insurance in fire-prone areas. “The devastating fires in my district and the greater Los Angeles area underscore the need for Congress to focus on the availability and cost of fire insurance coverage,” Sherman said.

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History of this topic

L.A. wildfires up the pressure on California’s insurance commissioner over industry ties
1 month, 1 week ago

L.A. wildfires up the pressure on California’s insurance commissioner over industry ties

LA Times  

It has been more than a month since the harrowing wildfire swept through Pacific Palisades, and Marc Hara knows he should be grateful. “I’m so screwed.” VIDEO | 02:04 L.A. wildfires up the pressure on California’s insurance commissioner Share Share via Close extra sharing options Email Facebook X LinkedIn Threads Reddit WhatsApp Copy Link URL Copied! “His regulations and his …

California’s insurer for people without private coverage needs $1 billion more for LA fires claims
Trending News
1 month, 2 weeks ago

California’s insurer for people without private coverage needs $1 billion more for LA fires claims

Associated Press  

SACRAMENTO, Calif. — California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires, the state Insurance Department said Tuesday. The FAIR Plan is an insurance pool that all the major private insurers pay into, and the plan then issues policies to people who can’t …

FAIR Plan to assess insurers $1 billion for L.A. fires; consumers may be on the hook for nearly half
1 month, 2 weeks ago

FAIR Plan to assess insurers $1 billion for L.A. fires; consumers may be on the hook for nearly half

LA Times  

The California FAIR Plan received approval Tuesday from the state’s insurance commissioner to assess its member companies $1 billion to help pay its Los Angeles fire claims — with consumers possibly on the hook for nearly half of that under a new insurance department policy. The issue of whether carriers can assess their own policyholders for a FAIR Plan assessment …

LA wildfires highlight nation’s insurance crisis as homeowners try to recover lost homes
1 month, 3 weeks ago

LA wildfires highlight nation’s insurance crisis as homeowners try to recover lost homes

Associated Press  

The nation’s growing home insurance crisis is in the spotlight as Californians begin the long road to rebuilding after the deadly Eaton and Palisades wildfires. Wilson will receive a fraction of what he needs because he was covered by the California Fair Access to Insurance Requirements Plan — the state’s bare-bones insurance program known as the FAIR Plan. The plan …

LA wildfires highlight nation's insurance crisis as homeowners try to recover lost homes
1 month, 3 weeks ago

LA wildfires highlight nation's insurance crisis as homeowners try to recover lost homes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Wilson will receive a fraction of what he needs …

Wildfire victims file 4,400 claims with California’s FAIR Plan, home insurer of last resort
1 month, 3 weeks ago

Wildfire victims file 4,400 claims with California’s FAIR Plan, home insurer of last resort

LA Times  

Firefighters struggle to extinguish a structure fire, hoping to save the home next door from being destroyed in the Palisades fire on Jan. 7. More than 4,400 fire-affected homeowners in Los Angeles County have filed insurance claims with the state’s insurer of last resort —– the California FAIR Plan. FAIR provides insurance coverage to homeowners who can’t find an insurer …

Online tracker shows insurance payments to wildfire survivors
1 month, 3 weeks ago

Online tracker shows insurance payments to wildfire survivors

LA Times  

A man looks through debris at a beachfront home destroyed by the Palisades fire in Malibu. Lara’s office said insurance companies have made the quick disbursements since the fires largely because of laws implemented after previous wildfires that help people find housing and replace personal items. Lara said he expects insurance companies “to continue providing advance payments that are essential …

LA wildfires may accelerate flight of home insurance companies
2 months, 1 week ago

LA wildfires may accelerate flight of home insurance companies

Firstpost  

The devastating wildfires that are sweeping Los Angeles could push home insurance companies to leave California, despite new regulations meant to keep them, according to a report, citing the state’s former top insurance official. AP The devastating wildfires that are sweeping Los Angeles could push home insurance companies to leave California, despite new regulations meant to keep them, according to …

Speaker Johnson calls for ‘conditions’ on California wildfire aid
Trending News
2 months, 1 week ago

Speaker Johnson calls for ‘conditions’ on California wildfire aid

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy House Speaker Mike Johnson suggested on Monday that lawmakers might …

California's wildfires may also be catastrophic for its insurance market
2 months, 2 weeks ago

California's wildfires may also be catastrophic for its insurance market

NPR  

California's wildfires may also be catastrophic for its insurance market toggle caption Greg Allen/NPR ALTADENA, Calif. — Kwynn Perry visited her home this weekend for the first time since the Eaton Fire started. toggle caption Greg Allen/NPR Because insurance companies stopped writing new policies in these areas, many homeowners were forced to purchase coverage from California's FAIR plan. Sponsor Message …

First, they lost their home insurance. Then, L.A. fires consumed their homes
2 months, 2 weeks ago

First, they lost their home insurance. Then, L.A. fires consumed their homes

LA Times  

The charred remains of a home on Tonia Avenue in Altadena burned by the Eaton fire. Business How the devastating Los Angeles fires could deepen California’s home insurance crisis The massive fires that have destroyed much of Pacific Palisades and demolished thousands of homes and structures in Los Angeles County threaten an effort to fix California’s troubled home insurance market. …

How the wildfires in the Los Angeles area could affect California's home insurance market
2 months, 2 weeks ago

How the wildfires in the Los Angeles area could affect California's home insurance market

India Today  

SACRAMENTO: The wildfires that destroyed homes in multiple sections of the Los Angeles area will test California’s efforts to stabilize the state’s insurance marketplace after many insurers stopped issuing residential policies due to the high fire risk. California homeowners in wildfire-prone areas either go without insurance or join the Fair Access to Insurance Requirements Plan, which the state created as …

The LA wildfires will cause chaos for California’s home insurance market
2 months, 2 weeks ago

The LA wildfires will cause chaos for California’s home insurance market

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The wildfires that destroyed …

How the wildfires in Los Angeles area could affect California’s home insurance market
Trending News
2 months, 2 weeks ago

How the wildfires in Los Angeles area could affect California’s home insurance market

Associated Press  

SACRAMENTO, Calif. — The wildfires that destroyed homes in multiple sections of the Los Angeles area will test California’s efforts to stabilize the state’s insurance marketplace after many insurers stopped issuing residential policies due to the high fire risk. California homeowners in wildfire-prone areas either go without insurance or join the Fair Access to Insurance Requirements Plan, which the state …

California lawmakers to consider expediting insurance claims after L.A. fires
2 months, 2 weeks ago

California lawmakers to consider expediting insurance claims after L.A. fires

LA Times  

More than 9,000 buildings have been damaged or destroyed in the Palisades and Eaton fires, including those shown here in Altadena. As lawmakers regrouped Thursday after fiery devastation across Los Angeles, Assembly Speaker Robert Rivas vowed to back legislation to help homeowners expedite insurance claims, while Senate leader Mike McGuire delivered a tearful floor speech addressing California’s “hellish week.” “Words …

The Los Angeles Fires Will Put California’s New Insurance Rules to the Test
55 years, 2 months ago

The Los Angeles Fires Will Put California’s New Insurance Rules to the Test

Wired  

This story originally appeared on Grist and is part of the Climate Desk collaboration. Over the past five years, California has become a poster child for what climate-fueled weather disasters can do to a state’s home insurance market. “With input from thousands of residents throughout California, this reform balances protecting consumers with the need to strengthen our market against climate …

California will soon require insurers to increase home coverage in wildfire-prone areas
Trending News
2 months, 3 weeks ago

California will soon require insurers to increase home coverage in wildfire-prone areas

Associated Press  

SACRAMENTO, Calif. — Insurance companies that stopped providing home coverage to hundreds of thousands of Californians in recent years as wildfires became more destructive will have to again provide policies in fire-prone areas if they want to keep doing business in California under a state regulation announced Monday. The rule will require home insurers to offer coverage in high-risk areas, …

Insurance commissioner prohibits policy cancellations for fire victims
6 months, 1 week ago

Insurance commissioner prohibits policy cancellations for fire victims

LA Times  

A tattered U.S. flag hangs Sept. 11 on a Lake Elsinore property where a home and vintage cars were destroyed by the Airport fire. California Insurance Commissioner Ricardo Lara has barred insurance companies from canceling residential coverage of some 750,000 policyholders affected by the Airport, Bridge and Line fires. The order issued Thursday protects residents within the fire zones or …

California home insurance program accused of selling policies with subpar fire coverage
8 months ago

California home insurance program accused of selling policies with subpar fire coverage

LA Times  

Because of policy changes, a lawsuit claims, thousands of wildfire claims have been improperly denied. But since 2017, the lawsuit claims, the FAIR Plan began limiting coverage after state officials approved a standard policy that, among other provisions, paid for smoke damage only if it was detectable to the unaided eye or nose of an average person rather than requiring …

Is this the solution to California’s soaring insurance prices due to wildfire risk?
8 months ago

Is this the solution to California’s soaring insurance prices due to wildfire risk?

LA Times  

In the past several years, homeowners across the state have been either burdened with extremely high insurance premiums or have struggled to find coverage at all. Earlier this month State Farm’s cancellations of 30,000 homeowner policies mostly in high wildfire risk areas, took effect. She is one of the many California homeowners struggling to maintain home insurance as costs increase …

State regulators identify wildfire neighborhoods targeted for insurance relief
9 months, 2 weeks ago

State regulators identify wildfire neighborhoods targeted for insurance relief

LA Times  

California regulators Wednesday disclosed which areas of the state insurers will have to cover if they want to take advantage of financial incentives intended to resolve the homeowners’ insurance crisis. In Los Angeles County, those areas include ZIP Codes in the Santa Monica Mountains, the San Gabriel Mountains and parts of the Santa Clarita Valley, according to draft regulations released …

Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing
10 months, 3 weeks ago

Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing

Associated Press  

BOISE, Idaho — Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news — their property insurance won’t be renewed because their insurance company has deemed the risk too high. “I think most of the insurers, you know, I’m very grateful that they’re committed to the Hawaii market, so we …

California aims to lower fire insurance costs for homeowners
2 years, 6 months ago

California aims to lower fire insurance costs for homeowners

Associated Press  

SACRAMENTO, Calif. — California moved Wednesday to become the first state to lower insurance costs for property owners who make improvements to reduce their fire risk, the state’s insurance commissioner said as wildfires again flared across the heat-stricken state. Lara said in a statement that the new regulations “will help more Californians find insurance they can afford” and “will save …

Proposed regulations would compel insurers to account for wildfire mitigation efforts
3 years, 1 month ago

Proposed regulations would compel insurers to account for wildfire mitigation efforts

LA Times  

A firefighting helicopter drops water on homes in Irvine Cove to protect them from the Emerald fire on Feb. 10. Insurance providers in California will have to incorporate proactive wildfire mitigation efforts into their rates for homeowners and businesses under proposed new regulations, state officials announced Friday. “Holding insurance companies accountable for accurately rating wildfire risk in the premiums they …

California bans insurers from dropping coverage to another 200,000 fire-prone homes
5 years, 3 months ago

California bans insurers from dropping coverage to another 200,000 fire-prone homes

LA Times  

The Sandalwood fire at the Calimesa Mobile Home Park left several people killed and many homes ruined. California on Wednesday expanded its one-year ban on home insurers dropping policies in wildfire-hit areas to include 200,000 more homes, including in San Bernardino County and Northern California, the Department of Insurance announced. “This wildfire insurance crisis has been years in the making, …

Parts of California are too wildfire-prone to insure
5 years, 7 months ago

Parts of California are too wildfire-prone to insure

Salon  

California is facing yet another real estate-related crisis, but we’re not talking about its sky-high home prices. Last winter when we wrote about home insurance rates possibly going up in the wake of California’s massive, deadly fires, the insurance industry representatives we interviewed were skeptical. But now, the data is in and it’s really happening: Insurance companies aren’t renewing policies …

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