Moody’s: LA wildfires will increase property insurance costs across the state

The LA wildfires will make it harder for all California residents to find and afford homeowner’s insurance going forward, according to a new report from Moody’s Ratings.

Moody’s RMS estimates insured property losses from the fires will be up to $30 billion, and uninsured property losses will be billions of dollars more. This would make the fires the costliest wildfire disaster in California history, with more than twice the losses of the 2018 Camp Fire, previously the state’s most damaging fire event.

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Angela C. Duncan, Commercial Realtor