LAS VEGAS, Nev. (FOX5) – Wildfire risk has caused insurance companies to not renew some homeowners insurance policies in Nevada.
How will the wildfires raging across Los Angeles impact Southern Nevadans’ homeowners insurance rates?
FOX5 Investigates asked the Nevada Division of Insurance how the fires if the fires there will affect premiums here.
The division provided the statement below:
But what does that mean? In other words, no, the LA wildfires will not directly affect the valley’s homeowners insurance policies.
The Nevada Division of Insurance approves a insurers request to increase rates based on what’s happening in Nevada, not other parts of the country.
However, a Nevadan homeowner’s rates could still go up if their insurer’s reinsurance increase because the company also insurers homes in California.
Reinsurance is insurance for insurance companies.
If the wildfires make it more expensive for insurance companies to get their own coverage, they could pass the buck onto Nevada homeowners.
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