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Wildfire Risk in California Drives Insurers to Pull Policies for Pricey Homes
AIG and Chubb are cutting back on coverage of multimillion-dollar homes, following years of non-renewals by midrange insurers
Worried about wildfire exposure and frustrated by state regulations, insurers in California have been cutting back on their homeowner businesses. Now, affluent homeowners are feeling more of the pain, as two of the biggest firms offering protection for multimillion-dollar properties end coverage for some customers.
As early as this month, American International Group Inc. will begin notifying about 9,000 customers in its Private Client Group that their home policies won’t be renewed this year. The change is part of a plan by AIG to cease selling home policies in California through a unit regulated by the state’s insurance department.
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