The London Times: “Why California’s Insurance Crisis Leaves Wildfire Victims Helpless”
RFF scholars Margaret Walls and Matthew Wibbenmeyer comment on the state of wildfire insurance in light of the devastating fires in Los Angeles.
Matthew Wibbenmeyer, a fellow at the nonprofit Resources for the Future, said rising insurance premiums could force poorer people out of the LA neighborhoods that have burnt in the fires...
“Places likes Pacific Palisades, they won’t be desirable immediately after the fires. But they will at some point again become desirable places to live,” he said. “Insurance frequently doesn’t cover the full cost of rebuilding and that, coupled with the fact that insurance in these places is likely to rise, probably means that some people who did live in these burnt areas will not be able to return.”
...Margaret Walls, a senior fellow at Resources for the Future, said that despite the growing risks, she expects there will be only a “little bit” of migration away from California’s most fire-prone areas. “Except for the wildfire risk, some of these places are lovely areas to live, and that’s why people who live there maybe put their head in the sand about the risk. They’re next to public lands, they’ve got access to recreational amenities,” she said.
