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Insurers Could Drop Fire Coverage in California

Image result for california wildfires pictures

California wildfires continue to scorch the Golden State’s southern cities, and now officials in the state fear that some insurers will drop homeowners’ coverage.

Wildfires in Southern California and earlier this fall in northern California have resulted in billions of dollars in claims. In the Sierra Nevada foothills, many homes were dropped after wildfires swept through in recent years, and some northern California homes also have seen their coverage dropped, California Insurance Commissioner Dave Jones told Reuters.

“We may see more of it,” Jones cautions.

Insurers are required to renew fire victims’ policies once. After that, homeowners could then be forced to go to specialty insurers, known as “surplus line carriers.”

The policies can sometimes cost up to 40 percent more than mainstream insurers.

About Community Real Estate

Community Real Estate is a Real Estate Brokerage committed to provide quality professional services. We are a full service company with in-house lending. We are Realtor®s and HUD approved selling agents. We are expert Short Sales, Listing Agents and Buyers’ Agents. We also specialize in First Time Buyers, Second Homes, Vacation Homes, Investment Homes, Leasing and Rentals, Relocations, Probate sales, Vacant Land sales, Manufacture Homes/Mobile Homes sales, Foreclosures, Distress Properties and REO listings and sales. We support our America’s Heroes. We look forward to meeting you and your needs!
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