Insurers drop 350,000 California policies

Insurance companies have refused to renew nearly 350,000 California home insurance policies in areas at high risk for wildfire since the state began collecting data in 2015, according to an Associated Press report. Loss of homeowners’ insurance – and skyrocketing premium prices – are a consequence of the deadly spate of wildfires the state has suffered in recent years, the AP reported. Joel Laucher, a state insurance department consultant, told California legislators last week that insurers are requesting premium increases “in record numbers.” The insurance department received 69 requests for rate increases in 2018, compared to just 25 in 2015. However, the insurance industry said that the number of non-renewed policies remained fairly stable year over year, and that many insurers are still offering policies in areas at high risk of wildfire, the AP reported.