If you’re struggling to find homeowners insurance in a fire-prone area, consider looking into surplus line carriers, private carriers, or your state’s plan.
Finding homeowners insurance in fire-prone areas can be tricky—and it’s getting trickier. Some insurers are canceling policies in fire-prone areas of the West Coast or simply not renewing them. Homeowners insurance is getting harder to find, but you don’t want to be caught without it and on the hook for hundreds of thousands in repair, rebuild, and replacement costs.
There are a few options for homeowners who can’t get home insurance from a typical provider due to their region, and the This Old House Reviews team has rounded up the options available to you when standard insurance isn’t accessible. Surplus line carriers are one choice, and homes with a value of over $1 million may be eligible for coverage under AIG or Chubb. As a last resort, homeowners can turn to their state’s insurance safety net.
Unfortunately, the options are few and generally more expensive than traditional homeowners insurance policies. But to protect your largest investment, it can be worth it.
Does Homeowners Insurance Cover Wildfire Damage?
For most home insurance companies, fires are a covered peril. If your home is destroyed by a fire from arson, electrical issues, or a wildfire, your insurance company will help cover the cost of rebuilding your home and other structures, replacing your personal property, and helping you with the costs of temporarily living outside of your home.