Wildfires in L.A.: Where Small-Business Owners Can Find Aid, Even If Insurers Are Squeezed
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What Small-Business Owners Affected by the Wildfires in L.A. Should Consider
Despite insurers’ retrenchment in California, the onus is still on them to make their claimants whole, an insurance industry watchdog says.
By: Sam Blum
For businesses that have been damaged or wiped out by the wildfires that have scorched greater Los Angeles for a week, there is an overwhelming sense of grief. Nearly 40,000 acres have burned and tens of thousands of people have been displaced. California’s state fire agency, Cal Fire, estimates that more than 12,000 structures have been destroyed and at least two dozen people have perished.?
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Many business and home owners now face a looming battle with insurance companies, many of which have fled California or offered reduced coverage in recent years as destructive weather became more common. Except it isn’t certain that even those with insurance will be entirely covered for their losses. The state government’s insurance program is stretched, with only $377 million currently available for claims that will likely crest into the billions. The private insurance market also faces a squeeze: Wells Fargo and Goldman Sachs estimate claims will amount to $40 billion when all damage is accounted for.?Read More...
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