Pacific Gas and Electric Co. has issued a "watch" for power shutoffs on Wednesday in several Northern California counties, including Yolo County, due to forecasted breezy conditions and dry northerly winds that increase the risk of wildfires. The utility's Public Safety Power Shutoff program aims to reduce the risk of wildfires caused by power lines brought down in high winds. PG&E is also working on burying 10,000 miles of power lines in high-fire-risk areas to further mitigate the threat.
Farmers Insurance, the second-largest provider of homeowners insurance in California, has limited new policies in the state due to high costs and wildfire risks. This follows similar decisions by State Farm and Allstate, who cited the same reasons for no longer writing new homeowners policies in California. Rising temperatures worldwide increase the risk of extreme wildfires in the coming years.
Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.
Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.
Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.
Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.
Allstate has announced that it will no longer sell new home-insurance policies in California, citing the increasing risk of wildfires in the state. The company will continue to provide coverage to existing customers, but will not renew policies for homes in high-risk areas. Other insurance companies have also been reducing their exposure to wildfire risks in California, leading to concerns about a lack of coverage options for homeowners in affected areas.
State Farm will no longer offer home insurance to new customers in California due to the state's wildfire risks and rising construction costs. The company cited "historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure and a challenging reinsurance market" as reasons for the decision. State Farm will continue to serve existing customers and work with lawmakers to build up market capacity in the state.
State Farm has stopped accepting new home insurance sales in California due to the state's wildfire risks and rising construction costs. The decision does not affect existing auto insurance policies. California has seen an average of over 7,000 wildfires each year, consuming over 2 million acres, over the past five years. State Farm is the largest provider of auto and home insurance in the US and will work with the California Department of Insurance and lawmakers to build up market capacity in the state.
State Farm General Insurance Company will no longer accept new applications for property insurance and other policies in California due to historic increases in construction costs and wildfire risks. The move doesn't affect personal vehicle insurance. The company said the actions are necessary to improve its financial strength, while State Farm agents in California will continue to serve existing customers. The California Department of Insurance said the factors driving State Farm's decision are beyond its control, including climate change, reinsurance costs, and global inflation.
