![]() The average homeowners’ policy is $1,300 in California compared to over $2,000 in other states with wildfire risk and $4,000 in hurricane-prone Florida, according to Insurance Information Institute.īut new home buyers could be forced to pay more, regardless of their home’s proximity to wildfire dangers. On top of that, a series of catastrophic wildfires in recent years have increased calls from insurers to weaken the state’s consumer-friendly policies that have held down rates for decades. The Golden State is grappling with a roughly 1 million-unit housing shortfall, in part fueled by rising costs and zoning restrictions that have choked off new construction projects. It’s a blow for the nation’s most populous state, which is already struggling with an exodus of residents, many of whom are escaping the high cost of living. The FAIR Plan, which offers minimal coverage and high rates is meant to be a provider of last resort, but enrollments have surged 70% since 2019 to 272,846 homes in 2022. “What my constituents want is insurance.” “We have a lot of people going naked, which means they have no insurance,” said Bill Dodd, a Democrat state senator representing fire-scarred Napa County and other parts of Northern California. also paused new policies, worsening what FAIR Plan, a state-mandated insurance pool, called a “looming insurance unavailability crisis.” said it’s no longer accepting new applications for property and casualty coverage in California last week, a year after Allstate Corp. ![]() Now there’s another obstacle: finding an insurer willing to cover their dream home. (Bloomberg) - Californians looking to buy a house face some of the country’s most expensive real estate prices and wildfires that threaten scores of housing tracts. ![]()
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