Tim Scanlon's home in Altadena faced significant wildfire risks, but he expressed concern about rising insurance premiums, already at $4,500 per year, jeopardizing property values.
California Insurance Commissioner Ricardo Lara emphasized that the recent wildfires won't impact insurance availability, mentioning that insurance companies are committed to California despite the turbulence.
New regulations in California allow insurers to raise premiums while requiring them to write a minimum number of policies in high-risk areas, aiming to stabilize the market.
Insurance Department spokesman Michael Soller asserted that recent reforms provide confidence in the insurance market's ability to cope with the ongoing wildfire challenges.
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