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Paradise, California Fire — $12 Billion in Insured Losses

Posted By Staff reporter, Tuesday, May 14, 2019

The wildfires in California in November of last year were devastating. People died, and thousands of homes and businesses were destroyed. California Insurance Commissioner Ricardo Lara has revised the claims loss data for the November 2018 fire, and said insurance claims have now hit $12 billion.

That’s up $614 million from the figure released in January of this year.

“While last year’s tragic wildfires turned thousands of people’s lives upside down, insurance is helping to rebuild and recover,” Lara said. “With these record-breaking fires still fresh in our memory, having the right insurance coverage for your home or business should be part of your preparation plan too.”

With that he suggested getting homeowners coverage up to date, and to do a home or business inventory and — if possible — use a video camera to document possessions.

Most of the damage from the November fires are from one causing the total destruction of Paradise. It killed 85 people and totaled 19,000 buildings.

Nicole Mahrt-Ganley of the American Property Casualty Insurance Association commented on Lara’s report and said, “Wildfire has long been part of California’s landscape and insurers understand that California faces major wildfire risk.”

Source links: California Department of Insurance, Insurance Journal, Associated Press

Tags:  California Fire — $12 Billion in Insured Losses  Paradise 

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