FRESNO, Calif. (KMJ) — The California Department of Insurance is expecting more insurance companies to opt out of renewing policies for homeowners, in areas at risk of being struck by a wildfire.
Commissioner Dave Jones is also warning of rate increases, as parts of the state will likely be reclassified from safe to high-risk, with some property owners virtually unable to find coverage.
2017’s wildfires resulted in about $12 billion worth of insurance claims, making it the most expensive year on record.
However, officials expect 2018 to be even worse.
