Fire Insurance Considerations For Homes Near Wildfire Zones

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Written by Shannon Martin Written by Shannon MartinArrow Correct Author, Insurance Shannon Martin is a licensed insurance agent and content writer for Insurance. With a Bachelor of Science degree from the University of Louisiana at Lafayette and 15 years of experience in the insurance industry, she enjoys helping others navigate the world of insurance by breaking through complex jargon and empowering readers to make sound financial decisions independently. Connect with Shannon Martin on LinkedIn Linkedin Shannon Martin

Fire Insurance Considerations For Homes Near Wildfire Zones

Fire Insurance Considerations For Homes Near Wildfire Zones

Amelia Buckley Edited By Amelia BuckleyArrow Right Editor, Insurance Amelia Buckley is an insurance editor covering auto, home and life insurance. She emphasizes creating informative, engaging and nuanced content to support readers in making personalized insurance decisions. Connect with Amelia Buckley on LinkedIn Linkedin Amelia Buckley

Questions To Ask Before Buying A Home In Wildfire Territory

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Fire Insurance Considerations For Homes Near Wildfire Zones

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Map: Do You Live In A High Risk Fire Zone?

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Fire Insurance Considerations For Homes Near Wildfire Zones

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.

Construction Occupancy Protection Exposure (cope) Definition

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

Fire Insurance Considerations For Homes Near Wildfire Zones

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