California Gov. Gavin Newsom has proposed urgency legislation to expedite the hiking of homeowner insurance rates. It’s about time. Because the alternative for many is no insurance at all.
Gov. Gavin Newsom has proposed urgency legislation to expedite the hiking of homeowner insurance rates. It’s about time. Because the alternative for many is no insurance at all. As California property owners are acutely aware, several major insurers have stopped issuing new policies and ceased renewing old ones because, they say, they’re money losers. Devastating wildfires and other natural disasters resulted in insurers paying out $1.
” The governor’s spokesman said, “This is part of our larger package of solutions to ensure Californians have adequate access to insurance.” “Our” apparently means the governor and the insurance commissioner. Their total reform package — still being hashed out — potentially includes requiring insurers to cover more high-risk properties, especially homes that have been “hardened” to reduce fire danger.
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