State insurance commissioner Ricardo Lara is proposing new regulations in an effort to drive down the costs of coverage.
“Californians are rolling up their sleeves and reaching into their own pockets to protect their homes and businesses. Insurance pricing must reflect their efforts. Holding insurance companies accountable for accurately rating wildfire risk in the premiums they charge Californians will help save lives and reduce losses,” said Lara.In hopes of greater transparency, the new regulations would also mandate insurers to assign wildfire risk scores to properties.
“My new regulations will help encourage a competitive insurance market for all by putting safety first and driving down costs for consumers,” said Lara. “I invite consumers to attend the hearing on these regulations happening on April 13.” Los Angeles County Supervisor Kathryn Barger included a survey from the California Department of Insurance in her latest newsletter in hopes it will compile data to understand the full scope of the problem.
“I think the goal of this survey is to come up with solutions to what is going on in the state, and that is that insurance companies are reluctant to write homeowner policies based on the fact that we have had many wildfires,” said Barger. “It’s no longer a season, it’s a year-round issue.”
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