Browsing: wildfire

California’s property insurance market faces unprecedented challenges due to escalating wildfire risks, insurer withdrawals, and systemic shortcomings in the state’s safety net, the California FAIR Plan.

Two lawsuits filed in Los Angeles allege 25 major insurance companies colluded to limit coverage for homeowners in high-risk wildfire areas, forcing them onto California’s FAIR insurance plans

As wildfires become more frequent and destructive, Idaho homeowners are seeing their insurance premiums rise and coverage options dwindle, despite efforts to minimize property damage.

A recent report shows Arizona’s homeowners insurance rates rose 48% between 2021 and 2024, driven partly by wildfire risk. State Senator Mark Finchem suggests solutions including reinsurance programs and subsidized fire fuels mitigation.

The OIC’s 2023 Wildfire Symposium, part of the Climate Summit Series, examines the impact of wildfires on Washington state’s insurance market, discussing risks to consumers and potential mitigation strategies.

A new bill in Colorado proposes that utilities invest in a reinsurance program to lower home insurance costs and reduce their financial liability for wildfires, sparking a debate with insurance companies.

Moody’s Ratings forecasts that recent wildfires in Los Angeles will exacerbate existing challenges in California’s property insurance market, potentially increasing costs and straining the FAIR Plan.

Despite proactive wildfire prevention measures, some Jacksonville, Oregon residents are losing their homeowners’ insurance due to fire risk, raising concerns about property values and the insurance industry’s challenges.

Examining how insurance policies may or may not cover property damage resulting from government actions during crises like wildfires and other emergencies and raising questions about the fairness of government action exclusions.

California Insurance Commissioner Ricardo Lara approved a plan to increase temporary fees for most California home and fire insurance customers.