Will New Legislation Lure Property Insurance Providers Back to California?

california property insurance

California’s Property Insurance Landscape through the Disaster Resiliency and Coverage Act In a significant move to address the growing challenges facing the property insurance market in California, Bay Area congressional representatives are spearheading an initiative designed to entice property insurance companies back into the state. Spearheaded by US Rep. Mike Thompson (D-St. Helena), the proposed bipartisan legislation seeks to mitigate insurance carriers’ losses by offering property owners financial incentives to enhance their emergency preparedness. Dubbed the Disaster Resiliency and Coverage Act (House Resolution 7849), the legislation was unveiled on Thursday…

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Colorado House passes gun insurance law to encourage firearms safety

Gun insurance - Colorado Law

The legislation was sponsored by Representatives Iman Jodeh and Steven Woodrow The Colorado House recently passed legislation to promote responsible firearms ownership by creating a requirement liability gun insurance. HB24-1270 passed the House by a vote of 33-29 Sponsored by Representatives Stephen Woodrow and Iman Jodeh, the purpose of the gun insurance law is to encourage owners of firearms to take greater efforts in the name of safety. “The costs of gun violence are staggering, and taxpayers are often left footing the bill. This legislation helps cover costs while promoting…

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Two more insurers stop selling California home insurance

Home Insurance - California Sign - Goodbye post it

The state’s coverage crisis appears to be getting worse as two more insurers have stepped away. Two more home insurance companies have announced that they have ceased selling home insurance to new applicants in California. According to the insurers, the reason for its decision is that wildfire risk and construction costs have risen too high. The insurers are small but are part of a growing trend Trans Pacific Insurance Co. and Tokio Marine America Insurance Co. have both announced that they will not accept new applicants for home insurance in…

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California Insurance Commissioner Lara seeks new guidance to overcome state crisis

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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Will Illinois auto insurance be more affordable with driving habit-based rates?

Auto Insurance - Illinois Sign on Road

A bill introduced in the state would require insurers to use a driving record to calculate premiums. A bill newly introduced in Illinois would change the way auto insurance companies calculate rates if it is passed in the state.  It would require insurers to use a policyholder’s individual driving records for their premiums calculations instead of looking to socioeconomic factors. House Bill 4611 aims to reduce what it calls discrimination House Bill 4611 was written to ban auto insurance companies from calculating an individual’s rate using criteria that the bill…

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