FOX: Insurers Drop Fire Coverage for 350,000 California Residents
Insurance has become a severe problem in California as wildfires – both past and present – wreak havoc on the state. After last year’s devastating wildfires, insurance companies are balking at fire coverage policy renewals for more than 350,000 residents in high-risk areas. California Insurance Commissioner Ricardo Lara said in a statement: We are seeing an increasing trend across California where people at risk of wildfires are being non-renewed by their insurer. (the department) has seen cases where homeowners were paying an annual premium of $800-$1,000 but, upon renewal, saw increases to as high as $2,500-$5,000,” a staggering rise...
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