Saturday, July 13, 2024
HomeinsuranceFire prone California homeowners left behind as insurance companies drop coverage

Fire prone California homeowners left behind as insurance companies drop coverage

As climate change continues to cause disasters across the country, some people in the most high-risk areas that have already seen massive destruction say they are being left behind.
Greg Bolin, the mayor of Paradise, California, said in the five years since his town was ravaged by a massive wildfire many of his residents are still paying the price in their homeowner’s insurance. In 2023, companies like Farmers, Allstate, USAA, and State Farm have limited any new business in California.
In addition, seven of the 12 top home insurers in the state have paused or placed harsh restrictions on policyholders and in some cases raised premiums by nearly 10 times.

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