4 California counties at risk of losing over $2 trillion worth of housing value due to wildfires
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Massive wildfires have ravaged California for years, but a recent uptick in the frequency and intensity of the fires, along with exorbitant insurance premiums and mandatory electricity shutdowns, are causing residents to move away from fire-prone areas and buyers to question purchasing homes in dangerous parts of the state.
Because of the threat of wildfires, Katz said a friend decided to move to Denver. “I also worked with a couple a few months ago who sold their home in Los Angeles and moved to Gilbert, Arizona,” she said. “Once you’re impacted multiple times and you know people who have lost their homes, the threat feels more real.”
“Earlier this year, I worked with a couple who was selling their home in Auburn and looking to buy in the same neighborhood, but they were priced out because insurance premiums have risen so much due to wildfires,” Olson said. “They were quoted around $9,000 per year just for fire insurance. Even though the seller offered to pay half the cost for the first two years, my clients ultimately decided to buy a home in a neighborhood that’s less fire-prone to avoid paying such a high premium.
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