California home insurance premiums Archives

California Insurance Commissioner Lara seeks new guidance to overcome state crisis

April 17, 2024April 16, 2024 G. Turner

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…

Commissioner Lara doesn’t want easier rate changes for home insurance companies

June 19, 2020June 17, 2020 Nordstrom

Home insurance companies - home, money, calculator

The California Insurance Commissioner is siding with consumer activists to halt legislation. California Insurance Commissioner Ricardo Lara is taking the side of consumer activists in an effort to stop a bill that would make it faster and easier for home insurance companies to change their rates. AB 2167 passed the state Assembly on Monday by a vote of 56-3. That said, the bill’s opponents say that this would set the stage for home insurance companies to impose substantial premiums spikes for homeowners in parts of the state hardest hit by…