Feckless insurers spike wildfire victims insurance premiums

Screenshot 2017-12-20 at 08.04.02.pngCalifornia saw some of its largest and most destructive wildfires ever in 2017.

That new reality has brought new challenges for the owners of an estimated 3.6 million homes in areas with dense wildland vegetation. A million of the homes are considered to be at high or very high risk of fire.

So the feckless insurance industry is spiking everyone’s premiums at renewal time. It’s how they roll.

Over the past six years, complaints of issues with renewing homeowners’ insurance or spiking premiums have more than tripled in zip codes at the greatest risk of wildfire.

The Department of Insurance also reports than between 2015 and 2016, the number of policies not renewed by insurance companies increased by 15 percent, to more than 10,000.

Good thing help from Sen. Ricardo Lara is on the way.

It would prohibit insurance companies from dropping or not renewing homeowners’ policies after a wildfire disaster, and would require them to seek approval from the Department of Insurance before pulling out of areas with a high fire risk.

Sacramento Bee

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One comment

  1. Still trying to control, the free markets aren’t they.. The simple answer is then.. that these companies will no longer bother to offer this type of fire insurance.. Take that to the bank. Like Obama Care were the companies dropped Kaly from the markets, the fire insurance companies will NOT offer insurance.. Easily enough to get around.

    Like

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