Home Bisnis Wildfires cause turmoil in California’s property insurance market – OCRegister

Wildfires cause turmoil in California’s property insurance market – OCRegister


By Ken Sweet and Sarah Skidmore Sell, The Associated Press

Kent Michitsch seemed to be running out of traditional options to insure the home he’s lived in for more than 30 years northeast of San Diego as California’s massive property insurance market reels from three consecutive years of destructive wildfires.

Michitsch, 57, has received three non-renewal notices in three years and says he fears a fourth when his homeowners’ policy comes up for renewal the middle of next year if it wasn’t for California lawmakers’ recent intervention in the market.

“It’s constant worry and frustration. You know you’re covered now, but I might have to look for a new policy next year yet again.” Michitsch says he’s never made a claim on his insurance and never had fire damage.

Thousands of homeowners like Michitsch have lost their insurance policies in the last few years as insurers pull out of areas that are at risk of fire damage or stop insuring homes altogether. They’ve been forced to scramble to find coverage from regular insurance providers or to turn as a last resort to a government-sanctioned plan that at the moment only provides fire coverage.

State Farm, the…

Read More: https://www.ocregister.com/wildfires-cause-turmoil-in-ca-property-insurance-market

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Source: https://www.ocregister.com/wildfires-cause-turmoil-in-ca-property-insurance-market

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