Next month, California Insurance Commissioner, Ricardo Lara will ask the public to weigh in on a plan to change some of the rules insurers must follow to do business in the state, including how they calculate the risk of wildfires and other disasters to set their rates.
The insurance struggle for California homeowners continues. This week, some Bay Area homeowners learned that Liberty Mutual will discontinue a certain type of fire insurance in the state.The announcement comes as the California Department of Insurance looks for ways to encourage insurance companies to increase coverage in the state.
Unlike the requirements under current regulations: "It won't make insurance companies show us the numbers to make sure their predictions are correct," Balber said.Others have a more optimistic view. Karl Sussman is an insurance broker and industry analyst who says something needs to change. "The market right now is as bad as it's ever been," he said. Sussman believes more insurance providers in the market will eventually mean more competitive pricing for consumers.
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