Homeowners are getting burned by rising fire insurance premiums and losing home equity value a new alarming rate building on a mass exit of people leaving California.
For homeowners confronted with increased fire threats and evacuations, there is another danger: the inability to get fire insurance. Most of the homes destroyed in California's recent wildfires were covered by insurance, but now the owners of the homes left standing are facing huge spikes in premiums. Carter Evans reports.
Read in CBS News: click here
The wildfire in California that has destroyed 198,000 acres of land and more than 700 structures to date may also wipe out $2 trillion of housing value in four counties, according to a report Friday by real estate brokerage Redfin.
Because of Southern California’s natural beauty and balmy climate, residents normally have coped with the dangers of such fires, but this year is “a turning point,” said Lindsay Katz, a resident and a Redfin agent in Los Angeles.
Once a strong selling point, the rugged hillsides of Southern California are increasingly seen as a risk for the safety and value of homes, many of them in highly valuable areas.
The California Department of Forestry and Fire Protection, or Cal Fire, has noted that the fire season in California is starting earlier and ending later each year. As of now, firefighters in California are still trying to put out the blaze, including the new fires that erupted Thursday night in Ventura and San Bernardino counties.
“It’s gotten so much worse, it didn’t use to happen every single year,” Ms. Katz said. She lives with her family in the vicinity of a few active wildfires and is affected by the enduring smoke. “People who live here and people buying homes here are getting fed up,” she said.
Seven of the 10 U.S. counties at risk of losing the most housing value because of the wildfires are in California, Redfin reports. Redfin analyzed the total value of homes at risk of wildfires across the country and ranked the counties by value.
Among the top 10, Los Angeles, home to more than $1.2 trillion worth of properties, ranked first. The next three are Orange County ($502.6 billion), Santa Clara County ($488.5 billion) and San Diego County ($417.6 billion), the report said. One of the newly affected counties, San Bernardino, is seventh on the list, with $145.5 billion in total housing value.
As California Wild Fires Worsen We Need To Add Better Safer Chemistry To Our Wild Fire Defense and not to drop from planes but with ground vehicles and backpacks. Dropping and spraying our clean fire inhibitor chemistry on fire is a waste of chemistry do to evaporation when we can apply it right next to the fire and when the fire catches up to what was sprayed it goes out.
M Fire has been pounding on Fire Officials and now the Government because we have a solution that would drastically reduce wild fire loss and how long they burn and probably reduce half the staff used today to fight wild fires by hand. By shortening how long wild fire burn also reduces Greenhouse gas production. M Fire is asking the Federal Government to help remove the road blocks to allow M Fires fire inhibitor to be used as a fire break on a live wild fire yet this year.
Brush click here
Wood Framing click here
And Dead Christmas Tree click here