SACRAMENTO, Calif. — Insurance claims from California’s deadly November 2018 wildfires have topped $11.4 billion, making the series of fires some of the most expensive in state history, officials said Monday. Posted on 01/29/2019 3:25:43 PM PST by upchuck
SACRAMENTO, Calif. — Insurance claims from California’s deadly November 2018 wildfires have topped $11.4 billion, making the series of fires some of the most expensive in state history, officials said Monday.
The latest tally adds to growing concerns about the future availability of home insurance in wildfire-prone areas.
More than $8 billion of the November 2018 losses stem from the fire that leveled the town of Paradise, killing 86 people and destroying roughly 15,000 homes. The other $3 billion in losses are from two Southern California wildfires that ignited the same week.
The numbers were expected to rise, though not dramatically, state Insurance Commissioner Ricardo Lara said. So far, total damage for 2018 wildfires is close to $12.4 billion.
(Excerpt) Read more at nypost.com ...
Prayers for all those affected.
Had to think a minute about the source. Makes pefect sense though, maybe “AssButt press’ would be even better.
I should think insurance companies in California would lobby the State to ease up on their pro-wildfire laws and regulations.
But instead, they probably just raise insurance premiums some 10% across the board.
Homeowner and liability insurance rates are going to rise in California, along with the electrical and gas energy rates.
due to climate change, shhhhhhhhhhhhhhhdue to illegal invaders and the homeless living in the woods
Those properties are expensive, and no doubt the premiums those poor souls have been paying are also expensive.
The government likely offers long term low interest loans to everyone to rebuild. That, rather than private insurance, is what is needed to respond to a disaster.
It spreads the liability across the entire country, not just two companies.
Otherwise, the utility will just declare bankruptcy, the state will take it over, and we will have another poorly run and needlessly expensive nationalized industry.
PG&E filed BK yesterday.
Yep! Better get your generator ready. They will be shutting the power off anytime it’s over 68°.
What percent of that 11.4B would it have taken to clear some dead underbrush?
“PG&E filed BK yesterday.”
They did get some relief on the Tubbs Fire though, when investigators concluded that that fire started on private property on the outskirts of Calistoga from poorly maintained utility poles belonging to the landowner who is a 91 year-old woman.
But as a CA homeowner, I can tell you that the rate increase for H/O insurance have already started to rise. Face it, the individual homeowner is going to foot the entire bill for the State’s ill-conceived forest management practices, along with PG&E’s lack of attention to its aging outside plant, both electric and gas. They are saying that PG&E is responsible for the Paradise fire. There is no free lunch.
To spread the risk, my insurance premiums in Tennessee will likely rise.
Interesting question.
If you're going to build a house in these areas know the risks and how to mitigate them.
Do they do that for hurricanes in Florida and Texas?
“PG&E’s lack of attention to its aging outside plant, both electric and gas.”
Well as far as power plants in CA, unless it is wind or solar, forget it. Not likely to be approved. As for lines, demand requires new substations and new transmission lines. They have thousands on miles of lines, and adding more all the time. High temps and high demand (load) cause lines to sag. Just physics. So clear the right of ways so this does not happen or is not as sever. Easier to do that than defy the laws of physics.
I wonder how many of those homes were doused with accelerants and a match thrown in as they drove away with loads of their BEST stuff?
They should investigate a few of those pictured that were burned up and the shrubs and trees weren’t touched nearby. CAN YOU SAY ARSON????
There should be law suit by PGE against the media for fanny the flames (NPI). The media as well a lawyers on TV constantly claim PGE is responsible for burning homes and killing people. They knew the first two days of the Tubs fire that the fire started on a property where the property owner ran illegal wires from a power pole to a shed on his property.
Insurance claims will help put Illegals to work in rebuilding burnt houses. Employment figures will soar.
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