In the last few years, most of California’s major homeowners insurance companies have paused or limited business in the state, leading to high prices for consumers.
SACRAMENTO, Calif. — In the last few years, most of California’s major homeowners insurance companies have paused or limited business in the state, citing the rising risk of wildfire, the cost of rebuilding homes and what they consider burdensome state regulations.
As a result, hundreds of thousands of homeowners across the state have seen their insurance get much more expensive — or canceled altogether.
ABC10 sat down for a 1-on-1 interview with California Insurance Commissioner Ricardo Lara to ask what he’s doing to solve this problem.
“With the reforms that we’re proposing, I’m very confident that we’re going to see some real change coming mid-2025,” Lara told ABC10’s Alex Bell, of To the Point. “We’re going to see that California is back open for business. We’re going to see insurers coming back to California.”
In Sept. …