Recent wildfires in Southern California have triggered concerns about skyrocketing insurance premiums. Some insurers have paused new policy sales, while homeowners worry they might be forced to relocate due to unaffordable rates. The article explores the impact of the fires on the insurance market and the potential for rate hikes.
Some insurers have put a temporary halt to issuing new policies in the area, while homeowners fear the rates could go so high now they'd be force to move.The wildfires that tore through multiple counties in Southern California over the past week are raising new concerns about fire insurance rates.
Rick Page lives in El Cariso Village in Lake Elsinore but can't go back home yet. His house survived the Airport Fire, while many of his neighbors' homes did not.Now he's worried about what will happen next with his homeowners insurance. Three major wildfires in Southern California have burned tens of thousands of acres in the past week. Because of these fires some insurance companies have instituted a moratorium on any new policies for the time being.
The good news so far is the number of structures destroyed is low. Consumer advocates worry however that companies could still bring about higher rates in wildfire areas.
Wildfires Insurance California Rates Homeowners
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