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Fire insurance for some US homes soars to $270k due to climate change
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The threat of wildfires is causing US insurers to raise the fire insurance premium for homes that are located in California.
PHOTO: AFP
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Mr Peter Mac was closing the sale of a home in the Hollywood Hills, a four-bedroom, five-bath estate with an infinity pool perched above the lights of Los Angeles. The new house had been on the market for two years, with the price tumbling to US$25.6 million from an original listing of US$48 million.
But before the final sign-off in February, Mr Mac presented the buyer with a fire insurance quote: US$200,000 (S$270,00) a year.
