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By June Sham Written by June Sham Arrow Write Insurance Writer June Sham is an insurance writer. Before joining the team, he worked for almost three years as a licensed producer writing rules for Cars, Properties, Umbrellas and Earthquakes. June Sham
Insurance Companies For High Risk Homeowners
Edited by Angelica Leicht Edited by Angelica LeichtArrov Right Insurance Editor Angelica Leicht is the group's insurance editor. Whether it's finding the right comprehensive car policy or the best life insurance policy for their needs, she's truly passionate about helping readers make informed decisions for their wallets. Angelica Leicht
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Flames From The Jerusalem Fire Consume A Sign Containing Addresses To Homes Along Morgan Valley Road In Lake County, California In This August 12, 2015 File Photo. In The Last Decade, Major
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May is National Wildfire Awareness Month — the start of wildfire season — which reminds homeowners living in America's many wildfire-prone areas that finding adequate home insurance should be a priority. Nearly 4.5 million homes nationwide are at risk of wildfire damage, and drought and other environmental issues significantly increase the likelihood of wildfire damage each year.
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According to the National Interagency Fire Center (NIFC), 50,477 fires burned 4,664,364 hectares in 2019, and that number rose to 58,950 fires burning 10,122,336 hectares in 2020. In 2020 this number will decrease slightly. In 2021, 58,985 fires burned 7,100,000 hectares that year. Homeowners insurance may be more expensive in these areas because of the fire risk, while some carriers may choose to renew or completely deny coverage to new customers in high-risk areas. However, there are ways to find homeowners insurance if you live in a high fire risk area. You need to know where to look and how to shop with different carriers.
When determining home insurance rates, most insurance companies consider the home's location and surrounding properties. Residences near fire zones are at a higher risk of damage or total loss, which in turn requires insurance companies to pay large sums to cover losses in the event of this type of natural disaster.
The higher the chance of a covered catastrophe, the higher the rate for your home insurance policy. This is of particular concern as the risk of wildfires continues to spread to new areas of the country, making areas once immune to wildfires more vulnerable to these types of natural disasters.
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High losses in fire-prone areas can make it more difficult for homeowners to obtain property insurance. According to S&P Global, insured fire losses have exceeded $13 billion in three of the past four years, so insurers may be concerned about managing risk and paying losses in these areas. For example, Farmers Insurance paid nearly $2.1 billion in wildfire-related losses in 2018.
Because of these high levels of losses, many insurance companies enforce strict policies where homeowners are covered. Some companies may deny coverage entirely for certain zip codes or choose to cancel or renew policies for homes in high-risk areas to manage their own risk and financial solvency.
Fire insurance can be bundled with a standard homeowner's insurance policy, but taking some of these mitigation measures can further reduce your risk, especially if you live in a wildfire-prone area. Risk reduction tips for a home in a fire prone area include:
Although it can be very difficult to find home insurance if you
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