New Regulations Aim To Reduce Cost Of Fire Insurance

By CBSLA Staff, CBS Los Angeles:

CHATSWORTH (CBSLA) — Joan Salvatore moved to this remote part of Chatsworth to retire and relax but finds herself stressed out after her fire insurance premium increased by 400%.

“It’s stressful every month wondering where I am going to get the money to pay my bills,” she said.

Last fall, Salvatore got a notice from Travelers, an insurance company, that she had been dropped as a client because of an “increased risk of wildfire loss.” Unable to find another insurer willing to cover her, Salvatore was forced to enroll in the state-run insurance program called the California Fair Plan with a $4000 a year premium. On her previous plan, she paid $1000 a year.

Read more at CBSLA

CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.