<body><div>"They sent us a letter in July saying that they would keep us if they could, but had no choice and were canceling in August."<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=23FMO8_0wD3F2Xe00" alt="https://img.particlenews.com/image.php?url=23FMO8_0wD3F2Xe00" width="1920" height="1280" ><figcaption>Photo Credit: iStock</figcaption></figure>Another turbulent wildfire season in California has left residents without insurance for some of their most valuable assets. <h2>What's happening?</h2>According to a report from Wired, insurance companies are either hiking up premiums for homeowners or dropping policies altogether in fire-prone California.For example, Allstate refuses to accept new customers, while Liberty Mutual and State Farm have stopped renewing plans for tens of thousands of customers — some of whom had been with a company for decades and have resorted to state-operated coverage that is far more expensive."My whole family has been with State Farm for maybe 75 years. They sent us a letter in July saying that they would keep us if they could, but had no choice and were canceling in August," Suzanne Romaine, a resident of northern California's Siskiyou County, told Wired.The issue has become so prevalent that several counties have requested state officials to declare a state of emergency for insurance prices. Climate research and technology nonprofit First Street Foundation has even regarded parts of the state as "essentially 'uninsurable.'"<h2>Why are the rising insurance rates driven by wildfires concerning?</h2>As global temperatures continue to climb, so will the frequency and destruction of wildfires. Watch now: Can the government create hurricanes?According to Wired, California has suffered $30 billion in losses from wildfires since 2017. In that same period, the state experienced nine of its 10 largest fires and 13 of its 20 most destructive ones.This past summer, first responders battled the fourth-largest fire in state history — one that spawned fire tornadoes and contaminated water supplies."The drying out of the U.S. Southwest since 1980 has created so much kindling that too many landscapes are ready to explode," Char Miller, a professor of environmental analysis at Pomona College, said. "The planet is warming rapidly, which increases the desiccation of vegetation and establishes near impossible conditions in which to fight fire."🗣️ Do you think America is in a housing crisis?🔘 Definitely 🙁🔘 Not sure 🤷🏽‍♂️🔘 No way 🏘️🔘 Only in some cities 🏙️🗳️ Click your choice to see results and speak your mindThese conditions — coupled with improper forest management, the state's restrictive fire insurance regulations, and economic restraints — have created an untenable situation with few winners. "If you suppress rates and try to tell companies that they can only charge X, and they start losing money, eventually they are going to say: 'I'm going to be super picky at that artificially low premium,' or 'We're not going to write anybody, and will come back when things get reasonable,'" said David Russell, an insurance and finance professor at California State University, Northridge. "And that's what you've seen with State Farm."<h2>What's being done about the rising insurance costs?</h2>Wired noted that California has initiated its Sustainable Insurance Strategy, which would allow insurance companies to utilize wildfire risk models that rely on future projections, whereas previous models used only historical data. The state will also create a public risk model that will prevent private models from overestimating the future risk of wildfire losses that result in overcharged customers. Additionally, California is expediting rate increase approvals to get private insurers to return."There are changes afoot that could bring insurance supply back to the market. This cannot happen fast enough," Russell added.Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.<h2>Cool Picks</h2><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1cxXRq_0wD3F2Xe00" alt="https://img.particlenews.com/image.php?url=1cxXRq_0wD3F2Xe00" width="1920" height="1080" ></figure></div></body>

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Homeowners left in the lurch after major insurance companies deem state 'essentially uninsurable': 'Too many landscapes are ready to explode'

\"They sent us a letter in July saying that they would keep us if they could, but had no choice and were canceling in August.\" Another turbulent wildfire season in California has left residents without insurance for some of their most valuable assets. What's happening?. According to a report from...

"They sent us a letter in July saying that they would keep us if they could, but had no choice and were canceling in August." Another turbulent wildfire season in California has left residents without insurance for some of their most valuable assets. What's happening?. According to a report from...