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High Risk Areas

All articles tagged with #high risk areas

business6 months ago•4 min saved

U.S. Homeowners Face Growing Crisis as Insurers Withdraw from Climate Risk Zones

U.S. insurers are increasingly refusing to cover properties in high-risk climate zones due to the rising frequency of extreme weather events, leading to a surge in nonrenewals, especially in states like California and Florida. This trend is causing a broader insurance crisis, impacting mortgage access, property values, and community resilience, with the government beginning to intervene to manage risks and support affected areas.

via Crude Oil Prices Today | OilPrice.com|

#business #climate-change #extreme-weather

insurance1 year ago•4 min saved

State Farm's Discontinuation of Home Insurance Policies Hits Wealthy Bay Area and LA Zip Codes

State Farm, California's largest insurer, is set to discontinue homeowners insurance coverage for thousands of houses and apartments in various zip codes across the state, with the Bay Area counties topping the list. The company cites increased risk of catastrophic wildfires, outdated regulations, and higher costs as reasons for the non-renewals, leaving many residents struggling to find alternative coverage in high-risk areas. The affected policyholders will retain coverage until their current contracts expire, but options for obtaining new insurance are limited and potentially expensive, with some being directed to the California FAIR Plan, the state's insurer of last resort.

via CBS San Francisco|

#california #high-risk-areas #homeowners-insurance