California's insurance crisis deepens amid growing wildfire threats

California homeowners are facing a growing insurance crisis.
Even before these latest fires, several of the state's largest insurers either stopped or limited new policies, leaving many struggling to find coverage.
Since 2015, California has seen 15 of its most destructive blazes in history, forcing insurance companies to pay out large claims.
With many insurers pulling out, the state government started its own insurance program, known as the FAIR Plan.
Nearly half-a-million homes are participating, but the plan only offers basic coverage up to 3 million dollars, often not enough to rebuild a house in an area with sky-high property values.
State officials are trying to fix this by letting insurers factor climate change into their rates, hoping this will convince companies to return to the market. But premiums may be much higher.

David Flandro is the head of industry analysis and strategic advisory at Howden Re, a global reinsurance broker.
He says the state authorities need to improve wildfire prevention measures to encourage the insurance industry.

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[belid]

This is a big lesson for anyone who thinks he/she is self sufficient and arrogant. In a blink of an eye what you have is gone, never come back again.

[Mir-li]

Why Thaad, iron dome, David sling not working on this fire??

[resurrectedone]

Instead of arming Israel, Ukraine and Taiwan; US tax payer money should be spent on infrastructure, healthcare, education, homelessness etc.

[stellatan]

Karma creeping up to USA, too much blood on their hands

[saifaliakhtar]

Where is now America's air defense system. What happened to thad why it cant protect there land

[TheBadgerr]

They asked for no cease fire. I think they got it 🎉

[davidladuke]

The "insurance crisis" is that the companies are going to "go bankrupt" paying out a small fraction of the total, the US government will bail out the companies, and many people who had paid premiums for a lifetime will get less than they're owed or nothing at all.

[MamaSal-bx]

Your R&D should focus on technologies to exterminate wildfires, not to exterminate a defendless population.

[SadaK-trdm]

Geno Joe gave $8 B to TZS last week. And TZS didn’t even speak a word on this tragedy.

[syedsalam]

LA fire reminds me of a cliche that if you ignite fire in other's homes, it will pay a return visit soon and burn your home to the ground.

[Samantha-svk]

You work for 42yrs to have $2m in your retirement, Meanwhile some people are putting just $20k in a meme coin for just few months and now they are multi millionaires.I pray that anyone who reads this will be successful in life

[S.Ahmed]

Really! This area is bigger than Gaza! 😢😢 But alas! They will never realize the gravity of their sins against humanity. 😢😢 May Allah bless all His creations!! 🤲🤲

[dailyupdates]

How can insurance companies cover houses with poor water management? It's like insuring a car without brakes

[Joebammy]

THE FIRE HAS A RIGHT TO SELF DEFENSE 😅

[championt]

Now countries should give travel advisory to the USA just as they do

[tobechukwuolumba]

Insurance companies like State Farm, Allstate and Progressive insurance are to blame for the wildfires which impacted homes behind Southern California's coast. Also to blame is looting.

[MoneyKarmika]

Ridiculous! All this should have been done, when the first wild fire spread and destroyed a community in the State! It should have been done then when Hawaii went through same crisis. Now saying we are doing everything to ensure 'it doesn't happen again' is ridiculous! It would have cost a lot less to prevent this tragedy than to now rebuild from ground zero because entire community lost not only their homes but also their life long memories. One guy said he had been living in his home for 45 years! That's a lifetime of memories all turned into ashes because everyone was too busy to think about preventing such tragedy for their community!

[Takenyao]

Why do they still build house with wood?

[murottalindonesia]

I pray for all the victims of the fire in Palisades, California. I also pray for the victims in Gaza, Palestine. I don't know why the names Palestina and Palisades are quite similar. May the fire in both places cease soon. In the end, we are all human.

[stephenh]

No Comments on building Houses that are hard to catch firer. No insurance company can cover this type of damage on the insurance payments they charge. The fault is clearly the owners building houses that just catch firer to easily.