Latest news with #DeanCameron
Yahoo
02-06-2025
- Business
- Yahoo
Homeowners scramble as insurers quietly pull out of wildfire-prone areas: 'It is a problem for everybody'
Homeowners in Idaho are scrambling to find affordable insurance after many companies have reduced or stopped coverage in the state. As the Idaho Statesman reported, wildfires in Idaho have increased in size and severity in recent years because of rising global temperatures. While some homeowners have adapted by adding fireproof features to their homes and removing plants that are susceptible to burning, some insurance companies feel it's too risky to continue operating. Insurers told Dean Cameron, the director of the state's Department of Insurance, that Idaho is "just one firestorm away from this taking out, wiping out a whole community." Because of this, several insurance companies have stopped writing new policies, limited coverage to properties that aren't in fire-prone areas, and increased premiums to offset potential losses. This year, 25 of Idaho's 91 property insurance companies discontinued some or all coverage because of wildfire risks. Any remaining coverage has gone up substantially, with insurance premiums rising by 46% from 2021 to 2023 in the state, according to a report by insurance agency Policygenius. "There is a general belief that this is just a rich-people-that-live-in-wildland-interface problem." "That's not the case," Cameron told the Idaho Statesman. "It is a problem for everybody." Higher insurance premiums affect current and future homeowners; if costs go up too much, people may struggle to pay other bills or even be forced to obtain coverage through state-run programs that are meant to be a last resort, since they typically only provide basic protection. For prospective homebuyers, limited availability of insurance can make it difficult to buy a home, since lenders require proof of insurance before approving loans. The insurance industry is experiencing volatility across the United States, with numerous companies having to raise prices to offset damages from increasingly frequent storms. Burning dirty fuels such as oil and gas has put more heat-trapping gases in the atmosphere, leading to higher temperatures, the perfect conditions for extreme weather. Do you think your house could withstand a hurricane? No way Maybe a weak one I'm not sure It definitely could Click your choice to see results and speak your mind. States such as Florida, Texas, Louisiana, and California are among the most vulnerable to natural disasters, and therefore, a chaotic and unstable insurance market. But even in the Upper Midwest, which isn't normally associated with severe weather events, home insurance premiums have risen by nearly 40% over the past seven years. The shifting climate doesn't discriminate, and unfortunately, that means millions of people are dealing with skyrocketing insurance costs. Luckily, the Statesman reported that Idaho is "better positioned" than other Western states to handle the insurance crisis. While the Department of Insurance understands companies still need to make a profit, it's hosted public demonstrations to show homeowners how to make their properties fire-resistant to lower the risks of extensive damage or loss. These "home hardening" initiatives, which include removing flammable vegetation and installing fire-resistant materials, have helped many homeowners keep their insurance, as a YouTube video uploaded by KTVB detailed. Earlier this year, Cameron pushed for a measure to assist homeowners with funds to upgrade their properties and protect them from wildfires, but it did not pass. If you want to make your home fire-resistant without spending too much, you can always use a fire-retardant paint on your home's exterior and fire-retardant fabric spray on upholstery that will at least make fabrics harder to ignite, as Life Hacker recommended. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
10-05-2025
- Climate
- Yahoo
Homeowners left in the lurch after insurance companies' drastic move: 'Based on the risks that they see'
As the world gets hotter and unstable climate patterns worsen, wildfires are getting more common and severe. In response, many insurers are dropping their coverage for at-risk homes, creating a crisis for owners who need to protect their assets. Idaho homeowners are being encouraged to "harden" their homes against fires to help them maintain insurance coverage, KTVB7 reported. Out of 91 homeowners insurance providers that were available in Idaho in 2023, 22 to 25 have left the state as of April. Those that remain may still drop clients from their insurance plans with little warning. Twenty-six states offer FAIR Plans, insurance policies that the state makes available to those who would otherwise not be able to get coverage. But Idaho is not one of those states. Instead, the Idaho Department of Insurance is encouraging homeowners to take proactive steps to ensure that ordinary companies will insure them by making their homes less vulnerable to fire. "Insurance companies rate based on the risks that they see," said Dean Cameron, director of the Idaho Department of Insurance, per KTVB7. "If you can show that you're less risky, then that does reflect in how they would rate you." A home is the largest asset that most American families will ever have. With the increasing risk of wildfires, it's more important than ever to have insurance coverage to protect that investment — just when that coverage is hardest to get. Homeowners are spending hundreds of dollars more, or being priced out altogether. Ultimately, this risk is unlikely to be reduced until we manage to lower the temperature of the planet again — and that could be a long time coming. The Idaho Department of Insurance is focused on practical tips to get residents coverage. Specific tips include cleaning the gutters, swapping out wooden fences for metal ones, and maintaining a wet, green zone around the house that's free of dry brush. Two Idaho firefighters created a program called Ember Safe to promote these fire prevention habits and provide certifications for homes that meet the requirements. Do you think America is in a housing crisis? Definitely Not sure No way Only in some cities Click your choice to see results and speak your mind. "We now work with homeowners hand in hand by doing a home inspection, taking a look around their home and providing them the steps that they can do to create a home hardened area," said Zach Mason, co-founder of the program, per KTVB7. "Some homeowners have gone full coverage again because of it." Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
06-03-2025
- Business
- Yahoo
As wildfires strain Idaho property insurance, bill would call for committee to study the issue
The Idaho Department of Lands managed the Tyson Fire, which firefighters responded to in Benewah County in July 2023. (Courtesy of Idaho Department of Lands) The Idaho Legislature introduced a resolution Thursday to create a legislative committee to study Idaho's property insurance market. The House concurrent resolution, which is expected to be posted on the Legislature's website in the next day or so, says Idaho's destructive 2024 wildfire season has impacted the state's property insurance market. Presenting to the House Health and Welfare Committee, Idaho Department of Insurance Director Dean Cameron said 22 of Idaho's 91 property insurance carriers have asked to stop offering property insurance. The committee would let the Legislature hear from Idaho homeowners who are losing property insurance, or seeing their rates rise 'dramatically,' he told the committee. 'These aren't just homeowners that live in rural Idaho. … But they're residents all over the state. Insurance rates are going up by nearly 30% on average this year for property insurance,' said Cameron, a longtime former state lawmaker. The committee introduced the resolution Thursday. Introducing the resolution tees it up for a full committee hearing with public testimony — before it would be considered by the full House and Senate. But the resolution will likely be considered by the House Business Committee. Another bill called the 'Idaho Wildfire Risk Mitigation and Stabilization Pool Act,' or House Bill 17, was introduced in January but has not advanced out of the House Business Committee. That bill would assist homeowners against wildfire, keep insurance rates down and attract insurance companies to Idaho, the Idaho Capital Sun previously reported. Cameron said another piece of draft legislation is planned for an introductory hearing Friday. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
10-02-2025
- Business
- Yahoo
State proposes new mandate that could impact growing concern with homeowners insurance: 'Many of the issues could have been prevented or mitigated'
With the availability and affordability of home insurance becoming a growing concern for people throughout the United States, the Idaho Department of Insurance is being proactive. BoiseDev reported that in a Jan. 15 State Legislature House Business Committee meeting, Department of Insurance Director Dean Cameron pushed a measure to help communities that could be denied insurance because of wildfire risks. The Idaho Wildfire Risk Mitigation and Stabilization Pool Act would assist homeowners with funds to protect their properties from wildfire damage, which should convince insurers to provide coverage or lower premiums. The bill is set to go before the House Business Committee and could soon be passed into law. "Many of the issues could have been prevented or mitigated," Cameron said of previous wildfire damages. "So what the bill does is it takes two proven insurance strategies and tries to put those forth in a way that can help stabilize the market, help pull rates down, help insurance companies stay in Idaho." Whether it's wildfire damage, flooding risks, or the likelihood of hurricane destruction, insurance companies are increasingly not offering protection against these issues. Extreme weather is becoming longer, stronger, more intense, and more likely because of the rising global temperature, which is exacerbated by the human-caused production of planet-warming pollution. Without appropriate insurance, homeowners are liable for significant financial losses from these events, or else property values are dropping because of them. Mitigation and property protection is becoming increasingly important because of this — as is reducing our polluting impact — and the Idaho Department of Insurance is hoping that by helping homeowners prepare for these weather issues, they can get further assistance from insurance companies should the worst happen. Cameron pointed to the success of similar assistance programs elsewhere, particularly in the Southeast. With funds available to make their homes more prepared for hurricanes, homeowners are shrinking their insurance premiums. Do you think home heating costs are higher than they should be? Definitely Depends on the season Depends where you live No Click your choice to see results and speak your mind. "Today, their rates are going down, while ours are going up, because we have no mechanism for mitigation," Cameron told BoiseDev. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
