The proportion of Americans without home insurance has risen from 5% to 12% since 2019, highlighting the growing challenge of insuring homes in fire-prone areas.
Insurance functions to share risk among individuals; yet, private insurers are retreating from high-risk areas, raising fundamental questions about the purpose and sustainability of insurance.
As the California FAIR Plan and similar programs face increasing demand, there's concern they may not withstand catastrophic events like wildfires, necessitating broader solutions.
With increased risks due to climate change, many homeowners are in precarious positions, as insurance availability declines and premiums continue to rise significantly.
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