So far this year, wildfires have burned more acres and destroyed more structures in California than in the past two years combined.
This raises concerns about the impact the fires will have on the homeowner's insurance market, which is already in chaos as insurers hike rates or leave the state altogether.
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The San Francisco Chronicle reports that a bad wildfire season fire could overwhelm insurers. If one major company can’t settle claims, others would likely absorb the costs, leading to higher premiums for customers.
Home insurance premiums have already risen nearly 40% since 2017, which insurers say is due to wildfires, inflation, and rising construction costs.
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