California Insurance Commissioner Dave Jones says more people may be dropped from fire coverage and that residents of high risk areas may have to shop for more expensive insurance as wildfires become more destructive because of the drought.
Jones said the law allows insurance companies to not renew policies. He says California’s drought is a game changer and that insurance companies are taking steps to protect themselves.
Jones talked to the media this week while meeting with fire victims and volunteers in Calaveras County, where a wildfire destroyed 475 homes.
Some Northern California residents have received non-renewal letters from their fire insurance companies even if their homes are nowhere near the two destructive fires.
Jones says this is can be an opportunity to shop around for insurance, including the sometimes more expensive secondary markets.
Related:
- California Blazes Curb Insurer Appetites
- Californians Pushed by Wildfires into High-risk Insurance Market
- Bloomberg View: California’s Wildfires Didn’t Have to Be So Extreme
- California Wildfires Destruction Total Now Tops 1,000 Homes
Topics California
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