In today’s edition of Rob Black’s Winners and Losers, our financial expert Rob Black and KRON4’s James Fletcher talk about the cost of California’s wildfires to homeowners and the plummeting stick of PG&E and Edison as the fires continue to burn.
Rob also answers the viewer question, “Why is the stock market falling so fast?”
Fires to cost homeowners $2.6 billion: An analysis by Realtor.com indicates that a total value of $2.6 billion in residential properties are at risk within the Butte Fire path, including 9,527 single-family homes, condominiums or townhomes.
What to do if your home has been destroyed by a wildfire: A trio of wildfires are burning through northern and southern California. As homeowners prepare to start the claims process with their insurers, they should ensure that they hold onto their receipts for immediate repairs and living expenses. Review your policy and store images on the cloud. Be mindful of deductibles and limitations on replacement cost payments. You could face higher expenses.
PG&E and Edison stocks plummet as fires burn: It was the stocks’ worst drubbing since the California power crisis more than 15 years ago. On Monday, the shares plunged as PG&E, the parent of Pacific Gas & Electric, tumbled 17.4% on the day to $32.98 a share. Edison International (EIX) , which owns Southern California Edison, dropped 12.2% to $53.56 a share.
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