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California's Insurance Crisis Deepens Amid Wildfires in Los Angeles

share-iconPublished: Thursday, January 09 share-iconUpdated: Thursday, January 09 comment-icon10 months ago
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BUSINESSINSIDER
California's Insurance Crisis Deepens Amid Wildfires in Los Angeles

Credited from: BUSINESSINSIDER

  • California faces an ongoing insurance crisis exacerbated by recent wildfires in Los Angeles County.
  • Major insurers have stopped writing new policies or dropped coverage since 2022, affecting thousands of residents.
  • Recent fires have forced over 100,000 evacuations and have claimed multiple lives, worsening the insurance dilemma.
  • Experts predict continued premium increases for homeowners across the state, regardless of their proximity to wildfire zones.
  • There’s a growing reliance on the state-run FAIR program, which sees a 41% increase in active residential policies since last year.

For the full article, visit Business Insider.

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California Insurance crisis Wildfires Property policies Mortgage issues
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Author:

Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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date-iconJanuary 09, 2025 California Wildfires Impact Flights at LAX Amid State of Emergency
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