One of California's largest home insurers, Travelers Insurance, plans to raise rates for 320,320 homeowners by 15.3% on average, citing wildfire risk. Some may face hikes over 25%. State Farm, Allstate have also stopped coverage in fire-prone areas.
Insurers attribute the rate hikes to several factors, including severe wildfire seasons and rising construction costs. The adjustments aim to reflect increased risks from changing climate conditions, aligning pricing accordingly.
#california-homeowners #travelers-insurance #wildfire-risk #insurance-rate-hikes #climate-change-effects
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