In recent years, insurers have already hiked rates and ended hundreds of thousands of policies statewide, creating a dire situation for homeowners.
The devastation from the current wildfires may lead to extraordinarily higher rate increases across nearly every part of the state, according to consumer advocates.
An insurance meltdown could severely impact not just current policyholders, but also potential buyers struggling to secure mortgages in fire-prone areas.
Experts warn that the billions in expected claims may force insurers to eliminate existing policies, further limiting coverage options for homeowners.
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