For many Californians living in rural, high-fire-risk areas, homeowners insurance has become nearly impossible to afford — or even keep, according to reporting by SFGate. One resident of Mount Shasta, California, says the growing crisis could threaten the survival of entire communities. What’s happening? After living in her family home for decades, Mount Shasta resident…
Catastrophe bond investors betting on disasters are helping make insurance affordable – CBS News Watch CBS News Insured property losses have soared, pushing insurers into hiking rates or even pulling out. So-called catastrophe bonds are emerging as a way to bring more capital into the market. Ash-har Quraishi reports. Source link
Willie Barron thought he had found his dream home when he purchased a $1.3 million property overlooking Lake Las Vegas. Five years later, he’s dealing with tilting floors, splitting walls, and the constant worry of falling as he navigates his own house. “My house is tilting an inch and a half from the rear to…
Homeowners insurance rates are rising across the U.S., driven by climate change, rising cost of building materials and surging home prices. Almost half of property insurance policy holders in the U.S. said their premiums rose over the past year, the highest rate of increases in more than a decade, according to a study this week from data…
Many wildfire victim families battling with insurance companies for cleanup coverage – CBS News Watch CBS News The latest California wildfire, burning about halfway between Los Angeles and San Francisco, was just 10% contained on Saturday. Meanwhile, homeowners who felt lucky their homes didn’t burn to the ground are in for a surprise. Elise Preston…