In California, the swings of climate change (more frequent droughts, floods, and extreme heat days) are accelerating the frequency and severity of wildfires.
California homeowners and aspiring homeowners confront three major challenges in insurance markets: i.) companies withdrawing from provision of insurance especially to homes with high wildfire risk; ii.) rising home insurance rates, and, iii.) underinsured payouts following wildfire damage.
Rising wildfire risks mean that more people will be unable to afford homes, housing, or rents.
By Brad Barham, SD350 Member
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