“There are ways that you can help reduce your cost while you’re shopping for insurance, such as talking about the discounts that might be available to you for mitigation efforts that you’ve done to harden your home to be more resilient to disasters.5 Get a Free Consultation Safe Auto Insurance Policies “In the current hard market conditions that we’re experiencing, you might just need to put in a little more effort to shop around to find the companies that are able to provide the coverage,” Collins said. This month, Farmers Insurance announced that it will be discontinuing new home and auto policies in Florida, where hurricanes are a threat. For example, in California, Allstate and State Farm say they will no longer write new homeowners’ policies in the state because of the risk of wildfire. “Insurers have been paying out more than twice as much for natural disasters in the last five years than in the previous five years.” That’s pushing up the cost of insurance companies’ reinsurance, so many of them are making changes. home, auto, and business insurance industry has experienced record losses in the last year as inflation has pushed up the cost of rebuilding after disasters. “There may also be some companies that at a portfolio level may just be over-concentrated in certain regions, and they may be making adjustments to their overall portfolio,” she said.Īccording to APCIA, the U.S. Weeks after the Diamond Fire was put out, a neighborhood near Scottsdale is starting to clean up and getting water has been an issue.Ĭollins explained that wildfire mitigation may be required as part of a condition of coverage. “We have not heard of any companies that have pulled out of Arizona, but you may see companies enforcing stricter underwriting.” “Arizona, unfortunately, does have quite a bit of wildfire exposure,” said Karen Collins from the American Property Casualty Insurance Association. It’s something homeowners are likely going to face more often as the insurance industry deals with record losses. Nationwide told On Your Side that the company does not comment on individual policies and did not answer our questions about how many Arizona properties they’ve decided to not renew because of wildfire risk. For something like that, I’d think they’d at least look at what a property looks like before they say, ‘OK, well, we’re going to drop you.’” They’re all alive and good, but no other vegetation around close. “There are trees on the property, but only a few near the house. “It’s kind of a shock, you know?” he said. Recently he received a letter from Nationwide telling him the company would not be renewing his policy due to high wildfire exposure. “We’ve had Nationwide for over 50 years,” Dennis said. Over the years, Dennis and his parents have had homeowners’ insurance through the same company. “It was something that took us five years of weekends and holidays to build onto the old place.” My mom, she’d be up on the roof putting shingles down,” he said, who asked to use only his first name for an interview with On Your Side. “It was pretty much all built by us-my dad, my mom and I. PAYSON, AZ (3TV/CBS 5) - As several wildfires burn across Arizona, some Arizonans are losing their homeowners insurance because of the risk of wildfires in the state.ĭennis’ home in Payson has been part of his family’s story for decades.
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