(Bloomberg) – More frequent and intense wildfires are making it harder for homeowners to find and keep insurance in California, a state regulator warned Thursday.
"The problem of insurance availability is going to expand" after last year's record-breaking wildfires, California Insurance Commissioner Dave Jones said in an interview Thursday. He said growing rates of non-renewal and rate increases for people in wildfire zones are "entering a critical stage."
Wildfires were already pinching the availability of coverage in large sections of the state, new data show. The number of homeowners in fire-prone areas who complained about getting dropped by their plans increased 250% from 2010 to 2016, Jones's department reported Thursday.
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