Do you think everyone's insurance will go up due to the devastation of the So Cal wildfires?

My uneducated answer is yes.

Can’t your insurance go up if you get into a car accident you didn’t even cause? If so, then yeah this will make it go up also.

My family is chatting about it and one of them sent a post about the cost.

It’s says it’s supposed to be one of the costliest natural disasters in US history. An initial estimate from AccuWeather puts the total cost between 52 and 57 billion, making it the most expensive fire event in US history. For comparison the fires in Maui in August 2023 cost 5.5 billion.

Last July, State Farm Insurance cancelled hundreds of policies for houses in the Palos Verdes !

https://www.newsweek.com/california-insurer-canceled-policies-months-before-los-angeles-wildfires-2011521

It would be nice if some of these billionaires would help defray costs to help their fellow man. But if there’s nothing in it for them, they wouldn’t dream of helping.

Homeowners insurance will probably go up nationwide. Certainly it has and should as a result of all climate change disasters. Also, insurers will pull out of areas that have the highest catastrophe risk as has happened in Florida. There is only so much money to pay out claims.

Does it matter if you still have to pay it?