Reduced fire risk is the main reason. The $ value of damage after a big fire often isn't THAT much smaller than the cost of undergrounding cables in that area.

Reduced fire risk is the main reason. The $ value of damage after a big fire often isn't THAT much smaller than the cost of undergrounding cables in that area. There's also some fringe benefits for aesthetics, electrocution risk, and maintenance costs (underground maintenance is more expensive but less common)