Will Wildfire Risk Mitigation Requirements Change the California Insurance Industry?

No one wants 430% increases in wildfire insurance premiums and quotes of up to $20,000 per year. So, why are California homeowners dealing with these prices?In Part 1 of this episode, host Maiclaire Bolton Smith talks to Paul Brown, CoreLogic's director of Insurance Market Strategy for Hazard and Risk Management about legislative changes from the California Department of Insurance and how insurers will need to access big data to effectively translate homeowner wildfire mitigation efforts into insurance discounts.Find full episodes with these guests in our podcast archive here: https://clgx.co/3zqhBZtIn this episode:1:39 – Who is Paul?2:17 – Where to grab your limited-edition wildfire socks3:26 – Why did California decide this was the year to change how insurance premiums were set? 5:13 – What do these changes mean for homeowners?7:25 – Katia hosts The Sip, summarizing the important numbers in the property market 8:56 – The $15 million-dollar question: How does wildfire mitigation translate to insurance discounts?11:35 – Quantifying mitigation strategies requires Big Data