California Faces Home Insurance Crisis Amid Rising Wildfire Risks
Originally Published 1 year ago — by The New York Times
Property insurers are conducting controlled burn demonstrations to advocate for changes in construction standards to better protect homes against wildfires. Due to increasing wildfire risks exacerbated by climate change, insurers are warning that homes in high-risk areas must be built to withstand fires or they may not be insurable, impacting mortgage availability. The insurance industry, facing significant financial losses, is pushing for these changes to sustain their business model.