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The rule will require home insurers to offer coverage in high-risk areas, something the state has never done, Insurance Commissioner Ricardo Lara's office said in a statement.
That would mean, for example, an insurer with a 10% share of the state's homeowners insurance market would have to cover 8.5% of the homes in riskier neighborhoods as identified by the department ...
Get major insurers to write policies for high-risk areas: The California Department of Insurance is looking for the top 12 home insurance companies in the state to commit to writing a minimum of ...
Insurance companies are not allowed to use computer models when asking to change their rates for policies in the state. They must anticipate claims by looking at the past 20 years, a mandate trade ...
In March 2024 State Farm, the largest home insurance company in California by market share, broke the news that it would nonrenew around 70,000 policies, 30,000 of which are estimated to belong to ...
Currently, California homeowners in high-risk areas have few insurance options. Many have turned to the California FAIR plan, a private program established by the state and designed to be a fire ...
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