Wildfires and Home Insurance

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Summer is just about coming to a close, but Fall also entails wildfires similar to summer. So how do wildfires really affect your home insurance rate? Well, “Insurance companies don’t react immediately to something like a specific fire…They will look at the last five to 10 years and the history of the area where the homes are.” Therefore, one wildfire doesn’t typically initiate a huge rate change. Insurance companies look objectively at their fire scoring system, the history of the area around the wildfire, and other factors. If a company does decide it objectively want to increase rates in certain areas or for certain fire scores, the company then has to go through the California Department of Insurance with its proposed new rating system, its collected data, and explanations for the rate increases.

Make sure you have the right insurance coverage to fit your home and your budget!