Fire Insurance Considerations For Homes Near Wildfire Zones – “Expert verified” means that our Financial Review Board has thoroughly evaluated the article for accuracy and clarity. The Review Board consists of a panel of financial experts whose purpose is to ensure that our content is always unbiased and balanced.
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Fire Insurance Considerations For Homes Near Wildfire Zones
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Questions To Ask Before Buying A Home In Wildfire Territory
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O.c. Homeowners In High Fire Hazard Areas Seek Insurance Options
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Map: Do You Live In A High Risk Fire Zone?
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May is National Wildfire Awareness Month—and it’s also the start of wildfire season—a reminder that finding adequate home insurance may need to be a priority for homeowners living in areas of the U.S. at wildfire risk. Around 4.5 million homes across the country are at risk of being damaged by forest fires. Drought and other environmental issues are causing more frequent and intense wildfires in many parts of the US, which can make it difficult to find affordable home insurance if you live in a high-risk area. To help combat rising insurance rates, here’s a wealth of information that can help you get a home insurance policy, and tips for potentially reducing the risk of fire damage to your home.
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According to the National Interagency Fire Center (NIFC), 58,950 fires affected more than 10 million acres in the United States in 2020. That number has decreased slightly in 2021 with 58,985 fires on just over 7 million acres; however, it rose again in 2022 with 68,988 fires affecting 7.5 million acres. Areas prone to such wildfire risk make for a challenging insurance environment.
Most insurance companies look at the location of the home and the characteristics of the surrounding area when determining home insurance prices. Neighborhoods close to wildfire areas or neighborhoods at wild urban interface locations are at greater risk of damage or total loss. The higher the disaster risk, the higher the home insurance premium is usually. As rising temperatures and more frequent droughts spread across the US, areas that were once unaffected by wildfires are at risk for such natural disasters.
According to S&P Global, insured wildfire losses exceeded $13 billion in three of the last four years. Due to the cost of disaster payments, higher premiums transferred from reinsurers, and no end in sight to future wildfire losses, some of the largest insurance companies, such as State Farm and Allstate, have stopped issuing new homeowners insurance policies in California. Farmers Insurance also limits new home policies in the state. With fewer companies sharing the risk, remaining insurers may begin to limit availability to certain zip codes and increase premiums to maintain financial solvency.
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If you live in a high-risk fire area, it’s probably still possible, though homeowners insurance may be harder to find. If you’re struggling to find affordable homeowners insurance in a high-risk fire area, or finding complete insurance, these tips can help:
In addition to helping you get lower home insurance rates, reducing your home’s fire exposure can also reduce your losses in the event of a fire. Some strategies to reduce the risk of your home burning include:
Your fire prevention strategy will look different depending on your home type and location. Talking to your local fire department can help you find
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