A man talks on a phone as a wildfire approaches Carlsbad, California, in 2014.REUTERS/Mike BlakeSome homes affected by the Los Angeles wildfires might not have insurance.Insurers have been canceling plans and declining to sign new ones in the state.Years of worsening wildfires have increased payouts and other costs for insurers in California.As wildfires destroy homes in Los Angeles, some homeowners might face rebuilding without insurance payouts.That's because some insurance companies have been cutting back on their business in California in recent years as wildfires in the state have worsened.State Farm, for instance, said in 2023 that it would no longer accept new homeowners' insurance applications in California.
Insurers Dropped Fire Coverage For California Homes Months Ago. Now, Wildfires Are Claiming More Houses In Los Angeles.
abitter@businessinsider.com (Alex Bitter), Business Insider
Wed, 01/08/2025 - 2:12pm
Topics: carlsbad blakesome pacific palisades los angeles times april nbc bay area dave jones center energy environment university berkeley's school associated press december ricardo lara lindsey horvath los angeles county board supervisors california los angeles state farm business insider september jones law horvath insurers dropped coverage homes wildfires insurance reported policies areas companies affected risk year payouts homeowners face rule respond
BING NEWS:
- Thousands of Los Angeles homeowners were dropped by their insurers before the Palisades Fire
About 1,600 policies for Pacific Palisades homeowners were dropped by State Farm in July, the state insurance office says.
01/20/2025 - 2:06 am | View Link - California Insurer Canceled Policies Months Before Los Angeles Wildfires
State Farm, one of the biggest insurers in California, canceled hundreds of homeowners' policies last summer in Pacific Palisades—the same area which is now being ravaged by a devastating wildfire.
01/11/2025 - 5:33 am | View Link - These California Insurers Cut Policies Before Devastating Wildfires
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01/10/2025 - 5:42 pm | View Link - Why the LA wildfires will worsen California's insurance crisis — even for fire-safe regions
California was already in the middle of an insurance crisis before this week's fires.Major insurers dropped property policies for residents, including in Pacific Palisades.Experts predict premiums ...
01/8/2025 - 8:03 pm | View Link - CA will soon require insurers to increase home coverage in wildfire-prone areas: Here's what to know
Wildfires have always been part of life in California, where it only rains for a few months ... homes - some have abandoned attempts to find coverage altogether. In the years after the Camp Fire ...
12/30/2024 - 11:17 am | View Link - More
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