Recent devastating wildfires in Los Angeles County, coupled with new insurance reforms, have raised concerns about skyrocketing premiums. While the Insurance Commissioner aims to protect homeowners from being dropped by their insurer, critics argue the reforms will primarily benefit insurers by allowing them to raise rates with limited transparency.
Consumer advocates are concerned that the fires, paired with new reforms to California's insurance regulations, could lead to skyrocketing premiums.Wednesday that he's working on protecting homeowners in the affected areas from being dropped by their insurer for one year.
As we watch the devastating wildfires move through Los Angeles County, it's posing new threats to the state's growing insurance crisis. With more than 13,000 homes at risk, losses could approach at least $10 billion, according to preliminary estimates from JP Morgan Chase. This paired with concerns as the state is implementing a new reform plan that analysts say could raise insurance premiums by 40% on average. In fire-prone areas, the increases could be up to 100% or more.
"As far as increased writing in those areas... that goal has been set back here," said Amy Bach, executive director of United Policyholders.Limiting access and raising serious concern about cost - affecting all of us.
WILDFIRE INSURANCE CALIFORNIA PREMIUMS REGULATION
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