California Homeowners 'Dumbfounded' After Insurance Premiums Double

Skyrocketing home insurance premiums are weighing on the finances of California homeowners, with a South Bay family recently being left 'dumbfounded' by the doubling of their coverage costs despite living in an area that's not at high risk of fire.Pamela Tremain told NBC Bay Area that the premium on her family's second home in Amador County went from $9,000 to $18,000 a year. 'I was dumbfounded,' Tremain said, 'because our annual premiums absolutely doubled.

As extreme weather events are expected to become more severe and more frequent due to the warming of the planet caused by the burning of fossil fuels, insurers know that they're likely to have to pay more in damage claims in the coming years. But in California, insurers are not allowed to hike their premiums without the consent of the state's insurance commissioner.Some companies are cutting coverage because they might pay more than they can make in profits.

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