You've probably heard the news that State Farm is dropping all but car insurance policies in the state.
Whether you buy into the climate change reasoning, or poor land management, for the increase of wildfires, the bottom line is they've made a business decision, and I don't blame them at all.
By the way, both theories can coexist. I'm in the "poor land management" camp myself.
Whether you buy into the climate change reasoning, or poor land management, for the increase of wildfires, the bottom line is they've made a business decision, and I don't blame them at all.
By the way, both theories can coexist. I'm in the "poor land management" camp myself.
Media seized on this last item to declare the official arrival of the climate apocalypse.
“Climate shocks are making parts of America uninsurable,” the New York Times observed following State Farm’s announcement.
While climate change might be in the zeitgeist, there are better explanations for State Farm’s exit.
Though State Farm said nothing about climate change in its press release, there’s no question that California has struggled mightily with wildfires in recent years. Data collected by Policygenius show California experiences more wildfires than any other U.S. state (9,280 in 2021) and the most acreage burned (2.2 million acres).
Worse, California’s wildfires tend to be the most destructive. The Golden State suffered $14 billion in insured wildfire losses in 2017, the most in history. The worst years for other states don't even come close: The next closest is Texas, which suffered $530 million in insured wildfire losses in 2011, followed by Colorado ($450 million in 2012) and Arizona ($120 million in 2002).
MSN
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