March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010 November 2010 December 2010 January 2011 February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024 April 2024 May 2024 June 2024 July 2024 August 2024 September 2024 October 2024 November 2024 December 2024 January 2025
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
News Every Day |

California's homeowners insurance industry faces rough road ahead as wildfires continue

The California wildfires have brought widespread disaster to communities in Southern California. It’s also contributed to a serious insurance crisis happening in the state. Many insurers have pulled out of the state or have paused coverage.

AIG left the state in 2022, while Chubb and Allstate limited their coverage options in the last few years. An even larger blow, State Farm pulled their 72,000 policies in 2024.

"It often takes [admitted carriers] a long time to adjust, so their only options are to try to turn things around or gradually pull out, which is where the E&S market steps in," Christopher Hatt, managing director of Lloyd’s facilities and US personal lines at Novatae Risk Group said.

California’s FAIR Plan, a last-resort insurer, faces uncertainty as well, adding to the significant insurance challenges the state is currently facing. The FAIR Plan distributes losses among the state’s insurers, based on market share.

The claims expected to come due to the wildfires are simply beyond insurers' capacity. Property and casualty companies are expected to pay billions of dollars in claims due to the damage done by the wildfires.

Back in 2018, the Camp Fire cost $10 billion, the Woolsey Fire caused $4.2 billion in back. The Los Angeles fires will likely cost more than both fires, coming in as one of the most expensive wildfires to date.

If you need a new insurer, head to Credible to get a better understanding of the different types of home insurance coverage available to you. You can get quotes for free from Credible’s partners.

FLORIDA’S STATE-CREATED PROPERTY INSURANCE COMPANY VOTED TO RAISE HOMEOWNERS INSURANCE RATES BY 14%

Homeowners insurance across the country is still rising, and 2025 isn’t expected to be any better for homeowners. Premiums may climb by as much as 15%, on average, with states like California seeing even higher hikes due to more frequent natural disasters plaguing the area.

Insurers are passing their significant losses off to homeowners. In the first half of 2024, insurer losses hit $62 billion. Losses are expected to be even greater this year, which means higher premiums for homeowners as insurers attempt to recover.

Specialty insurance, like wind and flood insurance, is expected to be even more expensive in the coming year. Rate hikes of 20% or more are predicted due to updated FEMA flood maps and a significant rise in natural disasters.

Homeowners are concerned about what these rate hikes will mean for their bottom lines. With housing prices still up and homeowners insurance costs due to rise, the housing market is growing more and more expensive. Two-in-three insured homeowners blame weather-related events for their increased insurance premiums, according to Fannie Mae.

In an attempt to address the insurance crisis, California Insurance Commissioner, Ricardo Lara, has announced his Sustainable Insurance Strategy. This regulation aims to stabilize the insurance market in California while simultaneously addressing the growing risks of wildfires. Under the plan, insurance providers would increase coverage in high-risk areas, ensuring all Californians get the insurance they need.

"Californians deserve a reliable insurance market that doesn’t retreat from communities most vulnerable to wildfires and climate change," said Commissioner Lara. "This is a historic moment for California. My Sustainable Insurance Strategy is focused on addressing the challenges we face today and building a resilient insurance market for the future. With input from thousands of residents throughout California, this reform balances protecting consumers with the need to strengthen our market against climate risks."

Lara’s plans have been met with some criticism, however. Consumer Watchdog, a California-based advocacy group, has pointed out that these new rules will likely mean substantial rate hikes, up to 50%.

Having enough insurance is vital. Having the appropriate insurance coverage is just as important. To ensure your insurance is suitable for your circumstances, visit Credible to check out plans, providers and costs.

80% OF AMERICANS ARE DEALING WITH A COST OF LIVING CREEP

There are a variety of relief options for anyone who has been impacted by the wildfires in California. Freddie Mac and Fannie Mae have forbearance programs that give homeowners mortgage relief up to 12 months without incurring late fees or penalties.

"The number one priority for those affected by the destruction of these ongoing wildfires is to reach safety," Mike Reynolds, Freddie Mac's single-family vice president and head of servicing, said. "Once out of harm’s way, we encourage homeowners in these affected areas to contact their mortgage servicer to learn about relief options. Freddie Mac and our partners stand ready to provide immediate assistance and aid in the recovery of families and individuals."

Freddie Mac and Fannie Mae relief options are available to any homeowner with Freddie Mac or Fannie Mae mortgages who have been impacted by an eligible disaster. Foreclosures and other legal proceedings are also subject to a 12-month forbearance.

Other federal funding is also available now that President Biden has issued a major disaster declaration in California. There’s a 90-day moratorium on foreclosures insured by the Federal Housing Administration (FHA).

Anyone who had their home destroyed in the fires may qualify for HUD’s section 203(h) program that provides FHA insurance to disaster victims. HUD housing counselors are also available to assist anyone impacted. Find a HUD-approved housing counseling agency online or use our telephone look-up tool by calling (800) 569-4287.

Comparing multiple insurance quotes can potentially save you hundreds of dollars per year. And, it’s so easy to get a free quote in minutes through Credible’s partners here.

THE FEDERAL RESERVE ANNOUNCED A THIRD RATE CUT; FEWER ARE EXPECTED IN 2025

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

Москва

Овчинский: в Западном Дегунине построены два дома по программе реновации

Nvidia flatters Trump in scathing response to Biden’s new AI chip restrictions

Pete Buttigieg has a few things to say on his way out

Mastodon’s CEO and creator is handing control to a new nonprofit organization

Bigg Boss 16 fame Sreejita De to play an antagonist in Doree 2

Ria.city






Read also

Insecurity: Anambra assembly passes homeland security bill

VOA Mandarin: Why India-China border dispute remains difficult to resolve

Newcastle United Can’t Financially Rival Liverpool For Star Despite Offer

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

Mastodon’s CEO and creator is handing control to a new nonprofit organization

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Mastodon’s CEO and creator is handing control to a new nonprofit organization



Sports today


Новости тенниса
Анна Калинская

Калинская: Я очень ждала Australian Open, но подхватила какой-то вирус



Спорт в России и мире
Москва

Отец Яниса Тиммы заявил, что прах его сына до сих пор не похоронен



All sports news today





Sports in Russia today

Москва

Героем рубрики «Знай наших» стал сотрудник спецподразделения СОБР Главного управления Росгвардии по городу Москве капитан полиции Александр К.


Новости России

Game News

Blasting AI into the past: modders get Llama AI working on an old Windows 98 PC


Russian.city


Москва

В Балашихе пройдет ежегодный турнир на Кубок Юрия Ляпкина


Губернаторы России
Росгвардия

В Мордовии начальник вневедомственной охраны территориального управления Росгвардии проведет прямую линию


Источник 360.ru: в Щербинке мужчину сняли с кондиционера на уровне восьмого этаж

В Новосибирске пройдет региональный отборочный тур фестиваля детского творчества «Добрая волна»

В Новосибирске пройдет региональный отборочный тур фестиваля детского творчества «Добрая волна»

В Новосибирске пройдет региональный отборочный тур фестиваля детского творчества «Добрая волна»


Рэпер Моргенштерн исполнил песню "Группа крови" на Бали перед отъездом в рехаб

Самодиагностика по языку: доктор Кутушов назвал неочевидные признаки болезней

В Новосибирске пройдет региональный отборочный тур фестиваля детского творчества «Добрая волна»

Претензии на 2 млн: на Тимати снова подали в суд


Медведев готов к реваншу: сильная мотивация и борьба за титул в Австралии

Коллинс ударила себя по пятой точке после матча с австралийкой. Её освистал весь стадион

Джокович стал рекордсменом по количеству матчей на турнирах "Большого шлема"

Теннисист Даниил Медведев проиграл 121-й ракетке мира во втором круге Australian Open



В Новосибирске пройдет региональный отборочный тур фестиваля детского творчества «Добрая волна»

В Новосибирске пройдет региональный отборочный тур фестиваля детского творчества «Добрая волна»

В Подмосковье сотрудники Росгвардии задержали подозреваемого в совершении грабежа

В Новосибирске пройдет региональный отборочный тур фестиваля детского творчества «Добрая волна»


Сотрудники Росгвардии в Тюмени обеспечили безопасность матча ВХЛ

В Щелково сотрудники Росгвардии задержали подозреваемого в краже деликатесов к новогоднему столу из магазина

Сергей Собянин: Наши школьники завоевали для сборной больше половины наград

ИННОВАЦИИ LG ELECTRONICS В СИСТЕМАХ КОНДИЦИОНИРОВАНИЯ ВОЗДУХА ДЛЯ РАЗУМНОГО И ЭФФЕКТИВНОГО БУДУЩЕГО


Синоптики спрогнозировали облачность и гололедицу в Москве 17 января

Белый дом заявил об угрозе перебоев в выработке энергии из-за ограничения Россией экспорта урана

Компания из Москвы купила земельные участки банды Цапков за 2,5 млрд рублей

В Балашихе пройдет ежегодный турнир на Кубок Юрия Ляпкина



Путин в России и мире






Персональные новости Russian.city
Рэпер ST

Рэпер ST: «Я русский человек, праздную все, что можно праздновать»



News Every Day

Mastodon’s CEO and creator is handing control to a new nonprofit organization




Friends of Today24

Музыкальные новости

Персональные новости