If you think you are too far away from the California wildfires to be affected, a Missouri lawmaker and insurance expert says think again. Rep. Steve Butz, D-St. Louis, said with as large as the insurance payouts will be in California, they will eventually make their way to Missouri.
“It’s the people that don’t have claims are actually paying for the people that do,” he told KMOX Radio in St. Louis. “It’s going to have a profound and lasting impact for many years on the insurance industry.”
Some people have had their home insurance canceled because some insurance companies are getting out of the private industry and only handling commercial property because it’s more profitable.
“Already there had been a lot of pressure in California. And I’m just talking about it from a homeowner’s point of view…companies, major companies, I’ll just say State Farm, for example, has been canceling and not renewing virtually every homeowner’s policy in that state,” Butz said.
Butz said the California wildfires will be the largest – or one of the largest – insurance payout events in the history of the United States.
KMOX Radio in St. Louis contributed this report.
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