Wildfires, unrelenting storms and the ballooning costs of rebuilding weather-damaged property are straining the nation’s property insurers, forcing customers to confront dwindling options and higher premiums.
acknowledged Sacramento’s efforts to mitigate the risks from wildfires and said it would work constructively with state officials to “help build market capacity in California.”
“We’re seeing companies all evaluating how much insurance they can offer in California, and they’re taking different types of actions,” she said. Rex Frazier, president of the Personal Insurance Federation of California, said inflation is driving up the cost of home reconstruction so insurers have done what other businesses are doing — raising prices to cover their high costs. However, under a 1988 law, insurers in California must apply to receive prior approval for rate hikes based on a complicated formula.
California is taking steps to correct its course. Gov. Gavin Newsom and the state insurance department introduced the Safer from Wildfires program that offers homeowners discounts on insurance if they take steps to protect their homes from fires, such as replacing greenery or wood chips with stone within 5 feet of the home.
In Florida, the state legislature met in a special session last year and passed two bills, signed into law by Gov. Ron DeSantis — who is now a presidential candidate — to stabilize an insurance market that had been spiraling out of control because of roof-replacement insurance scams and repeated hurricanes.
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