"Insurance companies will be required to cover 50% of losses of up to $2 billion in total claims — $1bn for residential and $1bn for commercial. But the other 50% can be recouped from consumers through a surcharge."
#insurancecrisis#california#wildfire
https://t.co/4x1ANuwtMY
"...In the most valuable and at-risk watersheds, every dollar invested in forest restoration can provide up to seven dollars of return in the form of benefits and provide a return-on-investment of 600%."
https://t.co/ps88Q4KdA0
#WildfireMitigation#ForestRestoration#RxFire
Not a day goes by that we don't hear about someone getting dropped by their insurer.
Many insurers are now requiring @IBHS_org Wildfire Prepared Home. We help insurance agents and their clients navigate the process with a 5x higher success rate vs. DIY!
https://t.co/QuC3FHvMc0
@MichaelWWara@mattkahn1966 The only thing we've seen move the needle is insurers dropping the hammer (in a highly constrained insurance market with few alternatives). Even then, most decide to pay the FAIR Plan tax at $2-5K more per year to keep landscaping vs. investing in mitigation. (4 of X)
@MichaelWWara@mattkahn1966 Even with this, I'm skeptical: consider existing weed abatement ordinances. There's no incentive for govt to pursue because 1) judges and prosecutors will not prioritize (many judges dismiss to clear up docket), and 2) fines+costs to taxpayer aren't recouped until sale (3 of X)
@UCsierraforest Real headline: "Millions of acres and communities protected from wildfires by 50,000 prescribed burns; just 0.086% of prescribed burns became wildfires over 10 years"
https://t.co/K9TFWphCuT
@MichaelWWara@CAL_FIRE Another option would be get CAR's Avoided Wildfire Emissions methodology (or similar) approved and made required for all nature-based solutions.
https://t.co/s2zncmPmGp
@MichaelWWara@CAL_FIRE This seems like something that could be addressed through a more realistic calibration of the Reserve Pool in CARB's Forest Protocol, which in the 2015 standard was set at 2% if memory serves. Make it float and tie it to actual conditions to motivate project developers.
Today we recognize wildland firefighters and their families for their dedication, hard work, and sacrifices to protect lives and communities.
Also a good time to remind Congress to increase their pay and improve working conditions!
#wildfire#NationalWildlandFirefighterDay
Our hearts go out to the Ruidoso, NM community and the firefighters working hard to contain two major fires in challenging conditions.
#Wildfire#SouthForkFire#SaltFire
UPDATE: State Forestry confirms 1,400 structures have been destroyed by the #Southforkfire and #saltfire.
Together, the fires have burned more than 20,000 acres and are 0% contained. @KOB4@GriffinRushton will be live in Roswell with an update at 10.
On the impact of increasing climate-driven disaster risk (including wildfire and flood) on insurance premiums, esp in CA.
Mitigation is modeled to lower risk by 75%: https://t.co/mITHOEYQ4E.
#wildfire#homehardening#mitigation
This growth in insurance premiums is uneven and strongly associated with disaster risk: A one standard-deviation increase in disaster risk is associated with $500 higher premiums in 2023, up from $300 in 2018:
@kimmaicutler Also unclear how DICs helps reduce admitted policyholders' exposure to wildfire losses. CA FAIR Plan can charge higher but not actuarially sound premiums (bc CDI). Excess FAIR Plan losses are borne by admitted policyholders, so the rest of us are on the hook.
Today, IBHS, @CSAAInsuranceGp and @UCBerkeley announced the winners of a wildfire-resilient landscaping contest designed to produce ideas for homeowners that emphasize #wildfire defense while preserving attractiveness.
See all winning designs at https://t.co/2cowSaHyxs.
“They are building themselves a shopping mart so they can go and get the groceries all the time,” said Kate Lundquist, co-director of the OAEC Water Institute. “And the result of that is you have these really resilient oases that won’t burn in a fire.”
https://t.co/hdzYmtw5Z2