SAN DIEGO (KGTV) – The State is ready to expand insurance access to Californians in wildfire-prone areas, so more homeowners can have coverage.
However, Consumer Watchdog, a non-profit that has been working on insurance issues since the 1980s, said that would eventually make wildfire coverage too expensive for homeowners to afford; even calling it a ‘bad deal’.
The state of California is taking steps to expanding coverage to protect homeowners in wildfire-prone areas from getting dropped by their insurance companies.
On December 30th, 2024, Insurance Commissioner Ricardo Lara announced that final steps were being taken to expand insurance access for Californians amid growing climate risks.
According to the Insurance Commission office, the state’s new regulation would require insurance companies to increase coverage in high-risk areas. Under to the proposed rule, insurers will have to start increasing their coverage by five percent every two years until they hit the equivalent of 85% of their market share.
Lara believes his new regulation will do a number of positive things for …