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> "I think homeowners need to be paying fire insurance costs proportional to fire risk" Wildfires are already covered by property re/insurance. The problem is
by kozikow 8y ago
> "I think homeowners need to be paying fire insurance costs proportional to fire risk"
Wildfires are already covered by property re/insurance. The problem is that risk is badly priced, as modeling for wildfires is currently very underdeveloped compared to hurricanes or earthquakes. There has been no wildfire event of a similar magnitude of property losses in recent history.
Shameless plug: At tensorflight we are actually starting some prototyping of wildfire risk models for the insurance industry based on satellite imagery.
- LanceH 8y agoA house is insured. PG&E is insured. My house burns down, my insurance pays for it. Then they sue PG&E to recover that payout. As far as who is at fault: a fire needs a fuel, oxygen and a spark. It can be argued that a spark is going to happen somewhere, and mitigating it is more about not having the fuel so that it can chain and spread.
- masonic 8y agoPG&E is insured. Do we know this? Many large public and quasi-public entities are self-insuring.