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California will require home insurers to offer policies in high-risk wildfire areas

Housing Wire

The California Department of Insurance unveiled a new regulation this week that aims to increase homeowners insurance coverage in areas prone to wildfires , a response to the recent pullback in policies by several major insurers. Currently, the state has no requirements for insurers to offer coverage in these areas.

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Climate risk is rising. It calls for a rethinking of home insurance coverage

Housing Wire

It’s resulting in calls to reimagine the costs of homeowners insurance (Image generated by AI in Midjourney) As the planet warms and extreme weather intensifies, the rising cost of homeowners insurance is stopping real estate deals in their tracks. Some insurers say catastrophe risk is part of the business, part of the job.

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Homeowners face soaring insurance rates amid climate disasters, tariffs

Housing Wire

Homeowners are bracing for another year of rising home insurance premiums, with rates projected to climb an average of 8% by the end of 2025, according to a new analysis from Insurify. The cost to rebuild or repair a home is a primary consideration in calculating insurance rates, said Daniel Lucas, carrier relations manager at Insurify.

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Higher insurance premiums are a shoo-in after the LA wildfires

Housing Wire

The looming impacts on real estate and insurance are also at the forefront of Californians minds. Obtaining home insurance in California has been a longstanding issue. While California law does not require homeowners to have fire insurance, most mortgage lenders do. It certainly is not going to drive costs down.

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Survey: Home insurance rates rise for most policyholders in 2024

Housing Wire

homeowners saw their insurance rates increase in 2024, according to a recent survey by ValuePenguin. Amid escalating costs , many policyholders worry their homes could become uninsurable in the future, while some have already received nonrenewal notices from their insurers. Two-thirds of U.S.

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Uncertainty surrounds insurance pricing after wildfires

Housing Wire

As wildfires continue to ravage the LA area a week after starting, the impact on insurance premiums and costs to rebuild are still very uncertain. SW: Insurance costs are expected to rise in the aftermath of these fires. What are you predicting in terms of insurance pricing in the area?

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Concern Grows Among Home Insurance Policyholders

Appraisal Buzz

consumers , two in three home insurance policyholders said their rates rose in 2024. The survey found that, in just a year, the rate of home insurance policyholders who worry their homes will become uninsurable nearly doubled, with 50% of policyholders fearing this will happen, up from 26% in 2024.

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