California takes major step to improve insurance availability in wildfire-affected areas | News [Video]

CALIFORNIA – California’s insurance commissioner, Ricardo Lara, said he’s taking a major step to increase insurance availability in wildfire-distressed areas.

The California Department of Insurance has submitted the final wildfire catastrophe modeling regulation to the Office of Administrative Law for approval.

It establishes unprecedented coverage commitments from insurance companies. It’s aimed at stabilizing the insurance market and expanding options for homeowners and business owners due to high wildfire-risk areas.