By Free Republic | Created at 2024-12-31 14:50:52 | Updated at 2025-01-07 22:10:32
1 week ago
California will soon require insurers to increase home coverage in wildfire-prone areas
Yahoo ^ | 12/30/2024 | Tran Nguyen
Posted on 12/31/2024 6:40:53 AM PST by vespa300
SACRAMENTO, Calif. (AP) — Insurance companies that stopped providing home coverage to hundreds of thousands of Californians in recent years as wildfires became more destructive will have to again provide policies in fire-prone areas if they want to keep doing business in California under a state regulation announced Monday.
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. Insurers will have to start increasing their coverage by 5% every two years until they hit the equivalent of 85% of their market share. That means if an insurer writes 20 out of every 100 state policies, they'd need to write 17 in a high-risk area, Lara's office said.
(Excerpt) Read more at yahoo.com ...
TOPICS: Chit/Chat
KEYWORDS: california; insurance
I'm going back to Cali, Cali, Cali.......I don't think so.
1 posted on 12/31/2024 6:40:53 AM PST by vespa300
To: vespa300
So in reality they will make home ownership even more unlikely.
Notice they will not fix thier policies that actually make such wildfires more likely.
2 posted on 12/31/2024 6:42:34 AM PST by Skwor
To: vespa300
What could possibly go wrong with this? 
3 posted on 12/31/2024 6:42:40 AM PST by kiryandil (No one in AZ that voted for Trump voted for Gallego )
To: vespa300
4 posted on 12/31/2024 6:42:51 AM PST by woweeitsme
To: vespa300
I’m sure that will keep the rates down. /sarc
To: woweeitsme
6 posted on 12/31/2024 6:44:06 AM PST by vespa300
To: vespa300
Chasing insurers out of State to create an oligopoly market with higher prices. The fascist war against the middle class continues in the name of "protecting the environ-mint."
Little do they know, without people managing the land, its biodiversity is toast and the result will be mass extinctions of locally adapted alleles.
7 posted on 12/31/2024 6:44:09 AM PST by Carry_Okie (The tree of liberty needs a rope.)
To: kiryandil
8 posted on 12/31/2024 6:44:17 AM PST by No name given ( Anonymous is who you’ll know me as)
To: vespa300
5% increase in coverage with accompanying 10% increase in premiums. ( + 10% fee to the right “big guy”)
9 posted on 12/31/2024 6:45:00 AM PST by farmguy ( )
To: vespa300
The “wildfires” will cease once the pesky middle-class are driven out of California.
10 posted on 12/31/2024 6:46:13 AM PST by BradyLS (DO NOT FEED THE BEARS!)
To: vespa300
“20....17”
Here in Florida, going without homeowners insurance is common.
To: vespa300
The answer is simple, as an insurer, don’t do business in CA.
12 posted on 12/31/2024 6:46:42 AM PST by brownsfan (It's going to take real, serious, hard times to wake the American public.)
To: Carry_Okie
Actually, the insurane companies will now get to pass along the cost of “reinsurance” to the consumer. Under this law. They had never been allowed to do that before. So policies on the poor shmuck who lives in California could go up by as much as 40%. Win win for Newsome and the Insurance companies.
The California Homeowner has to bend over though......again.
13 posted on 12/31/2024 6:47:19 AM PST by vespa300
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson
