Recent urban losses for fires and mudslides are making insurance premiums more expensive for everyone – with some homeowners unable to get fire insurance at all.
ROTT: He says he expects that when insurance companies update their risk models, those urban losses and similar ones in Southern California from the more recent Thomas Fire will be included. The result will be more expensive homeowner insurance for everyone over time and more areas where private insurers aren’t offering coverage at all.
ROTT: An insurance company doesn’t want more risk than they could potentially pay out. Insurance claims for the Northern California wildfires alone have already topped $9 billion. Dave Jones, the insurance commissioner, is pressing lawmakers to make it harder for insurance companies to drop homeowners for wildfire risk. After all, he says, insurance is only going to be more important as climate change leads to more disasters. Nathan Rott, NPR News.