Tag: California homeowners insurance crisis

Blazing Debate Over California Insurance Costs in the Wake of Wildfires

H. Cutner
California insurance wildfire debate

Mounting Insurance Costs and Wildfire Challenges Highlighted in Recent Testimony In a striking display of the mounting homeowners insurance crisis in California, Insurance Commissioner Ricardo Lara testified this week at a state Assembly Insurance Committee hearing in Los Angeles. The hearing was marked by emotional accounts from homeowners like Bruce Breslau, whose insurance ordeal underscores the challenges faced by many across the state. As reported by the Los Angeles Times, Bruce Breslau, a resident of a Chatsworth condo complex since 2009, saw his insurance costs soar after Farmers Insurance dropped…

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Governor Newsom Calls for Swift Action on Property Insurance Rate Increases

Julie Campbell
Property insurance Crisis - California Flag - Solve Now

Newsom wants lawmakers to hasten the approval processes for insurers to improve the market California Governor Gavin Newsom has issued a call to lawmakers, urging them to expedite the approval processes for property insurance companies that are seeking to increase their rates. The governor feels the market overhaul is too slow Newsom recently addressed the press in Sacramento to announce the push he is making for legislation to require the California Department of Insurance to set a limit of no longer than 60 days for the completion of rate-filing reviews.…

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California Insurance Commissioner Lara seeks new guidance to overcome state crisis

G. Turner
California insurance - Home insurance crisis guidance

The state is working on establishing new regulations to help the industry there recover California Insurance Commissioner Ricardo Lara has reached out to insurers in the state, telling them that they must develop ideas beyond rate hikes to overcome the current crisis in the state. Lara is simultaneously working on new state regulations According to Lara, his office and the California insurance industry are “in a forced marriage,” in which “we’re staying together for the kids.”  However, the commissioner was also able to find common ground with the Farmers Insurance…

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New bill introduced in California to help overcome homeowners insurance crisis

Live Insurance News
Homeowners insurance - American flag, money, person holding up house

The federal bill was proposed by state Representative Adam Schiff (D-Burbank) last week. Last Wednesday, California Representative Adam Schiff (D-Burbank) introduced a new federal bill with the intention of leaving behind the crisis in the homeowners insurance market and propping it back up again following the exit of several insurers from markets across the country. The legislation is called the INSURE Act and would correct the issue through federal reinsurance. The INSURE Act stands for Incorporating National Support for Unprecedented Risks and Emergencies Act. The idea behind it is to…

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