The wildfires scorching Southern California are turning entire neighborhoods into ash, decimating expensive properties and exacerbating an insurance crisis that predates the infernal blazes.  Costs are quickly mounting as the Los Angeles area’s disaster continues to unfold, with AccuWeather's Global Weather Center now estimating total economic damages of between $250 billion and $275 billion. The insurance sector alone is expected to incur about…

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New insurance rules mean homeowners throughout California are likely to pay more after fires

A recent rule change could cause a spike in insurance premium for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in the past.

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New insurance rules mean homeowners throughout California likely to pay more after fires

By Chris Isidore, CNN New York (CNN) — A recent rule change could cause insurance premiums to spike for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in the past. The hikes would come from a potential assessment likely to be levied by California FAIR, the program set up by the state as the insurer of last resort for homeowners whose fire insurance has been canceled…

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How California's catastrophic wildfires are inflaming the state's insurance crisis

Thousands of acres have been burned in Los Angeles, and the burn scars could flood easily should a moisture-laden storm hit.

Newsweek

IBT Media

Atmospheric rivers may get worse after California wildfires

Before the Los Angeles wildfires, insurers such as State Farm started to pull out of fire-prone California.

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LA wildfires: Is insurance the next battlefront for California residents?

According to experts, the devastating wildfires in California could impact the insurance industry and possibly affect coverage in other states.

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Experts explain how California wildfires could impact insurance in other states

As communities across the Los Angeles area continued to grapple with catastrophic wildfires, the U.S. Treasury Department on Thursday released the most far-reaching report ever on the climate emergency's impact on home insurance—shedding light on how disasters like the one devastating Southern California this month could increasingly push U.S. families toward financial ruin. More than three years after President Joe Biden issued an executive ord…

Alternet

John K. Byrne

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Climate-fueled insurance cost hikes putting American dream 'out of reach'

California Democrats are incensed at Congressional Republicans' musings that they might condition federal aid to Los Angeles fire victims on the state making policy changes relating to forest management and water infrastructure. Yet many of California's own policies, both those on the books pre-disaster and those adopted after the fire, are already at work limiting the amount of private money that could be flowing to rebuilding efforts—leaving h…

Reason

Reason Foundation

California squeezes private money out of wildfire rebuilding effort

California's largest home insurer says it’ll “pay what we owe” after the Los Angeles fires. But its cash on hand has fallen steeply recently.

How California's catastrophic wildfires are inflaming the state's insurance crisis

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