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Tuesday, August 20th, 2024

Burned and uninsured: Wildfires are leaving California’s housing market in trouble

Author:     Shania Baweja and Taylor Galgano
Source:     CNN Business
Publication Date:     Sun August 18, 2024 | 1:00 PM EDT
 Link: Burned and uninsured: Wildfires are leaving California’s housing market in trouble
Stephan:  

I have been telling you this would happen, and here is a confirmation of my prediction. Just as sea rise has made obtaining home insurance very difficult in Florida, so forest fires are affecting Northern California, as this report describes. And this is just the beginning of what we will see in coastal, forested, and tornado-ridden states, all as a result of the various effects of climate change.

Smoke rises above the roadway as the Park Fire jumps Highway 36 near Paynes Creek in Tehama County, Califoria, on Friday, July 26, 2024. Credit: Noah Berger / AP

LOS ANGELES, CALIFORNIA — After the 2018 Camp Fire – the deadliest wildfire in California’s history – engulfed Michael and Kristy Daneau’s Paradise home, the couple and their four daughters were forced to move 30 miles away to find a home they could afford.

They moved to Cohasset to buy a home with money they received through their insurance claim and their portion of an $11 billion Pacific Gas & Electric (PG&E) settlement with insurance companies for the blazes linked to its equipment failure.

Six years later, the family’s experiencing déjà vu: Their new home in the rocky region of northern California recently burned down to the studs in the 2024 Park Fire, the fourth largest fire in the state’s history.

But this time the Daneaus don’t have the safety net of insurance to help them rebuild their lives.

When they moved to Cohasset, they were […]

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