Insurance rates have soared in some of California’s riskiest places, and some insurers are refusing to renew policies. Made worse by climate change, wildfires are adding a mounting financial burden to residents living in a state where taxes are already high and housing costs exorbitant.
Pacific Gas & Electric, which already charges among the highest electricity rates in the country, is requesting that regulators approve an additional charge to customers of $2 billion over the next three years to help pay for wildfire safety improvements and other costs. This is separate from the compensation fund approved last week, which includes more than $10 billion in costs to be borne by customers in the form of a levy on electricity bills for the next decade and a half. And none of this will help pay the tens of billions of dollars in liabilities the company has for past fires where its equipment was involved.
— The New York Times