Insurance companies are pulling out of California because of wildfires

Over the nearly 25 years Ed Bratt has owned his Oakland, California, home, he's become accustomed to getting notices that his homeowner insurance costs are going up."So I received a letter from my insurer, the same insurer that we've had since I bought this house in 1999, saying they were not going to renew our policy. They said we lived in a high fire area and they were not renewing it," he said.

"I can't sell it. Apparently now you can't sell houses because they can't get insurance," said Bratt. Premiums for those insurance companies still doing business in the state have skyrocketed. The federal government estimates California has seen at least $50 billion in wildfire damage between 2013 and 2023.US Forest Service firefighters ramp up readiness for wildfire season Alexa Liacko 2:43 PM, Apr 21, 2024 "I've seen premiums $40,000, $50,000, $60,000. I mean, just ridiculous," said Los Angeles insurance broker Karl Susman.

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