Trending...
- Kelvin Emtech and Colm Engineering Unveil Strategic Joint Venture, to Boost Data Center and Building M&E Capabilities - 103
- California: ICYMI: Governor Newsom cuts red tape to help Los Angeles quickly recover and rebuild
- Interpreters Unlimited and Diya Health Introduce AI-Powered Interpretation and Translation
~ SACRAMENTO - In a move to address the ongoing insurance crisis in California, Governor Gavin Newsom has announced his support for a new insurance reform proposal. The measure, which was introduced by California Insurance Commissioner Ricardo Lara, aims to provide more coverage options for Californians living in areas particularly threatened by wildfires.
Under the proposed regulation, insurers who use new catastrophe modeling will be required to write more policies in distressed areas. Additionally, larger insurance companies will be mandated to insure properties in these areas at a rate equal to 85% of their statewide market share. This is part of Commissioner Lara's Sustainable Insurance Strategy, a package of reforms aimed at strengthening California's marketplace and protecting consumers.
Governor Newsom expressed his belief that this action is crucial in addressing the state's long-standing insurance crisis. He stated that it will not only help homeowners facing higher wildfire threats but also alleviate pressure on the state's FAIR Plan. The Governor emphasized that as the climate crisis continues to intensify, it is essential to reform the insurance system, which has not been significantly updated in 30 years.
More on The Californer
Last year, Governor Newsom called for swift regulatory action to stabilize and strengthen California's marketplace. This included creating a better rate approval process, building a stronger FAIR Plan, and expediting the implementation of regulations. In line with this goal, the Newsom Administration recently released a proposal to increase transparency and speed up rate change application approval timelines while maintaining consumer protections from excessive and discriminatory rates.
The rise in insurance rates nationwide has been attributed to the impacts of the climate crisis. However, California's rates have remained below the national average and significantly lower than some other states. For instance, the average yearly cost for $300,000 homes is $1,405 in California compared to $2,601 nationally and $3,851 in Texas and $4,419 in Florida.
Governor Newsom's support for this insurance reform proposal is a significant step towards addressing the ongoing insurance crisis in California. With the state's climate crisis intensifying, it is crucial to strengthen the marketplace and ensure that Californians have access to adequate insurance coverage.
Under the proposed regulation, insurers who use new catastrophe modeling will be required to write more policies in distressed areas. Additionally, larger insurance companies will be mandated to insure properties in these areas at a rate equal to 85% of their statewide market share. This is part of Commissioner Lara's Sustainable Insurance Strategy, a package of reforms aimed at strengthening California's marketplace and protecting consumers.
Governor Newsom expressed his belief that this action is crucial in addressing the state's long-standing insurance crisis. He stated that it will not only help homeowners facing higher wildfire threats but also alleviate pressure on the state's FAIR Plan. The Governor emphasized that as the climate crisis continues to intensify, it is essential to reform the insurance system, which has not been significantly updated in 30 years.
More on The Californer
- California: In Altadena, Governor Newsom joins federal and state leaders to launch new phase of firestorm debris removal
- Jo's Modern Thai Ushers in a Bold New Era: A Love Letter to Oakland and Its Community
- TCVN Announces Survivor™ XI SoCal Startup Pitch Competition at UCI Cove during OC Innovation Week
- Formaggio Taverna & Patio at Sacramento Marriott Rancho Cordova Hosts Exclusive Valentine's Dinner
- Las Vegas Comedian Don Barnhart Brings Valentine's Day Laughter to Merced
Last year, Governor Newsom called for swift regulatory action to stabilize and strengthen California's marketplace. This included creating a better rate approval process, building a stronger FAIR Plan, and expediting the implementation of regulations. In line with this goal, the Newsom Administration recently released a proposal to increase transparency and speed up rate change application approval timelines while maintaining consumer protections from excessive and discriminatory rates.
The rise in insurance rates nationwide has been attributed to the impacts of the climate crisis. However, California's rates have remained below the national average and significantly lower than some other states. For instance, the average yearly cost for $300,000 homes is $1,405 in California compared to $2,601 nationally and $3,851 in Texas and $4,419 in Florida.
Governor Newsom's support for this insurance reform proposal is a significant step towards addressing the ongoing insurance crisis in California. With the state's climate crisis intensifying, it is crucial to strengthen the marketplace and ensure that Californians have access to adequate insurance coverage.
0 Comments
Latest on The Californer
- Parentis Foundation Launches Literacy Leaders Giving Circle to Advance Youth Literacy
- Open Wide Legacy Dental Clinic Announces 2025 Volunteer Schedule In Guatemala
- Uhland Pop Shop Launches February 11, 2025, Bringing Local Pride to Uhland, TX
- Partnerships to Launch Digital Entertainment Hub in China; $40 Million Investment into Global MOBA Digital Game Arena: NIP Group (Stock Symbol: NIPG)
- Most Reliable Vehicles of 2025
- Sip Social Co. Brings Refreshing Energy to the Miami Marathon Finish Festival with FP Movement
- Allison Joanne to Be Honored with the 2025 MUAHS Distinguished Artisan Award
- Igniting Souls® and EOS Worldwide® Launch EOS Impact™: The Exclusive Publishing Collaboration for 850+ EOS Implementers
- Ceramic Liberty Unveils CL8Y: A Revolutionary Deflationary Memecoin Set to Redefine DeFi
- International Women's Day Gala to Celebrate Women's Achievements and Support Fire Survivors
- Sidow Sobrino Unleashes Bite After Bite, a Captivating Music Video & Song from His 12th Studio Album, Seminal
- CleverTap Recognized in Latest Gartner® Magic Quadrant™ for Personalization Engines
- California launches dashboard to track LA recovery, adds new services finder to connect firestorm survivors with resources
- Housing not Handcuffs for the Unhoused
- Gibbs Diesel Mechanics Center Opens At Ventura College
- From Ashes to Anchors: A Faith-Driven Journey Through Wildfire Trauma
- California: State and federal debris removal begins this week in Los Angeles in record-breaking speed
- Book Release for "The Adventures of the Reflex Rangers: Jack and his Sea Legs"
- New Jersey Sober Living Opens New Luxury Themed Facility in South New Jersey
- Black Caviar Social Club (BCSC)