Home insurance premiums rise in California due to climate-related disasters, leading to coverage drops and uninsured homeowners.
Home insurance premiums are rising as insurers face financial losses from climate-related disasters, causing some companies to drop coverage for high-risk areas. In California, the California FAIR Plan provides basic fire insurance coverage, but its exposure is high compared to its premium surplus and reinsurance policy. The situation has led to thousands of homeowners being left uninsured or paying significantly higher premiums.
May 27, 2024
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