(Bloomberg) – More frequent and intense wildfires are making it harder for homeowners to find and keep insurance in California, a state regulator warned Thursday.
"The problem of insurance availability is going to expand" after last year's record-breaking wildfires, California Insurance Commissioner Dave Jones said in an interview Thursday. He said growing rates of non-renewal and rate increases for people in wildfire zones are "entering a critical stage."
Wildfires were already pinching the availability of coverage in large sections of the state, new data show. The number of homeowners in fire-prone areas who complained about getting dropped by their plans increased 250% from 2010 to 2016, Jones's department reported Thursday.
In the 24 counties with the greatest wildfire risk, the number of policies canceled by companies increased 15% between 2015 and 2016 alone; in at least six of those counties, that number grew by more than 50%.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
