Bay Area congressional representatives hope to lure property insurance companies back to California with legislation.
Bay Area congressional representatives hope to lure property insurance companies back to California with legislation that could reduce their losses by giving property owners financial incentives to improve emergency preparedness.U.S. Rep. Mike Thompson, D-St. Helena, announced bipartisan legislation on Thursday that would establish a grant program and offer tax breaks to property owners who take measures to fortify their property against fire and other disaster threats.
'As insurers increasingly pull out of housing markets, California homeowners and business owners are struggling to find coverage,' Thompson said. 'Families are increasingly relying on their insurers to help them rebuild.'The state's three largest insurance carriers â State Farm, Allstate, and Farmer's â cover 40% of policies in the state, according to Thompson's office.
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