California To Monitor Debris Removal Contractors As Wildfire Costs Break Records

 Wednesday, December 12, 2018

 InsuranceNewsNet

Insurance claims and cleanup costs associated with California wildfires last month are expected to exceed the record-breaking amounts paid out last year after blazes ripped through the state’s wine country. The insurance industry is bracing for payouts exceeding last year’s record $11.8 billion payments to Northern California fire victims. California Insurance Commissioner Davy Jones says he will release preliminary claims data Wednesday morning for the three wildfires last month that destroyed 19,000 homes and businesses. Jones has warned increasing risk from wildfires in California could prompt insurers to raise premiums or decline to sell policies entirely to homes in high-risk areas.
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