California mandates insurance companies to offer coverage to homeowners in wildfire-prone areas, aiming to provide more options after companies withdrew from some regions. The regulation requires insurers to gradually increase coverage, reaching 85% of their statewide market share within several years.
Insurance companies in California will have to offer coverage to homeowners in wildfire-prone areas under a new state regulation that was announced Monday. The new regulation aims to give residents access to more insurance options after companies pulled coverage from various areas. Insurance companies will be legally required to write policies in those areas 'equivalent to no less than 85% of their statewide market share.' Coverage won't increase to that threshold immediately.
'Californians deserve a reliable insurance market that doesn't retreat from communities most vulnerable to wildfires and climate change,' said California Insurance Commissioner Ricardo Lara. Coverage won't increase to that 85% threshold immediately. Instead, companies will be given a requirement of a 5% increase every two years.The regulation is the latest in Lara's Sustainable Insurance Strategy.
INSURANCE WILDFIRES CALIFORNIA REGULATION CLIMATE CHANGE
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