More and more Californians are finding it difficult, or even impossible, to keep their homes insured amid skyrocketing rates and policies being canceled by insurance companies.
ByHomeowners like Susan Bookheimer of Calabasas have seen firsthand the difficulty of keeping your home insured.
"It was terribly hard. I called all of the major insurance companies. None of them would even talk to me. They're not writing policies," said Bookheimer.She feels lucky to even have insurance. Thousands of people are getting notices that their polices are either going up or not being renewed at all. Record-breaking wildfire seasons in 2017 and 2018 caused huge losses for the insurance industry in California. In November 2018 alone, insurer losses were more than $12 billion. That's when the number of cancellations started to go up.
"It's not great news for consumers but insurers have said they need more price in order to take on the additional risk and loss associated with these climate change-driven, more frequent and severe wildfires," said Dave Jones, the former insurance commissioner for California.
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