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California wildfires could lead to higher home insurance ratesPosted On Wed, September 2, 2009
More California residents may find themselves in the market for new home insurance policies in light of recent wildfires that are expected to drive up prices for many people.
A Los Angeles Times report this week noted that the growing number of wildfires in recent years has already led some insurers to increase premiums in the state by as much as 7 percent. This mirrors a similar trend in hurricane-prone states such as Florida.
The report also noted that some homeowners may find out the hard way in the aftermath of the fires that the current policies are insufficient to fully cover their losses and other needs.
Meanwhile, state insurance commissioner Steve Poizner released an announcement this week reminding homeowners who may be affected by the fires to check whether their policies cover living expenses should they need to evacuate.
He also advised consumers to take steps such as keeping personal information in a secure place and making lists of valuables to make it easier to process a home insurance claim if necessary.
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