California home insurers will once again be able to offer policies in high-risk wildfire areas under a new state regulation. The rule requires insurers to gradually increase coverage in these areas, ensuring that Californians facing wildfire threats can access insurance.
FILE – A firefighter watches as flames from the Mountain Fire consume a home in Camarillo, Calif., Nov. 6, 2024.
FILE – A chimney stands at a home destroyed by the Mountain Fire in Camarillo, Calif., on Nov. 8, 2024. The rule will require home insurers that write policies in the state to offer coverage in high-risk areas, something the state has never done, Insurance Commissioner Ricardo Lara’s office said in a statement. Insurers will have to start increasing their coverage by 5% every two years until they hit the equivalent of 85% of their market share. That means if an insurer writes 20 out of every 100 state policies, they’d need to write 17 in a high-risk area, Lara’s office said.
A consumer advocacy group said the new regulations would allow insurance companies to drive up home insurance rates by 40% to 50% without offering a substantial expansion in wildfire coverage. “There is no opportunity for public comment, as it was issued on an emergency basis,” Consumer Watchdog said Monday.Farmers to write more California home insurance policies ahead of planned reforms
CALIFORNIA WILDFIRE INSURANCE REGULATION COVERAGE
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