The new rule, as stated by California's insurance commissioner, aims to improve access to coverage while building a resilient insurance market for the future.
After numerous devastating fires, including the Camp Fire of 2018, the rate of non-renewed homeowners' policies increased by over 30% in California.
With the recent fires still burning and damages projected at up to a hundred and fifty billion dollars, California's insurance market faces uncertain viability.
California's 'insurance crisis' has grown due to multiple factors, including an increase in residents moving to wildfire-prone areas.
#california-insurance-crisis #wildfire-risk #homeowner-insurance #insurance-regulation #natural-disasters
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