Los Angeles Fires Will Raise Your Home Insurance Premium
Insurers have to spread the cost of claims more widely to make good on the payouts they owe
No matter how far you live from Los Angeles’s devastating fires, you can’t outrun the coming increases in your property insurance premiums.
The fires have caused an estimated $50 billion or more in damages. Add that to the $50 billion in destruction left by back-to-back September hurricanes in the U.S. Southeast and you have costs that insurance companies are unable to cover just by raising premiums on households in affected areas.