As wildfires continue raging out of control, killing 10 in Los Angeles County and damaging thousands of acres and structures there, one in 10 homeowners in the region stand to lose everything due to a lack of homeowner’s insurance, according to a Jan. 9 report.
Lending Tree’s insurance division reported that 9.8 percent of Los Angeles County homes are uninsured. Some homeowners have been forced to drop coverage, due to skyrocketing premiums—some rising by more than 48 percent. In other cases, insurance carriers have simply withdrawn coverage from wildfires because of the risks.
“The high wildfire risk in California has led to insurance companies withdrawing from underwriting policies in some parts of the state or limiting coverage for perils like wildfires, making it even harder for homeowners to find affordable policies that provide them with the protection they need,” Divya Sangameshwar, LendingTree home insurance expert, told The Epoch Times….