Governor Newsom Calls for Swift Action on Property Insurance Rate Increases

Property insurance Crisis - California Flag - Solve Now

Newsom wants lawmakers to hasten the approval processes for insurers to improve the market California Governor Gavin Newsom has issued a call to lawmakers, urging them to expedite the approval processes for property insurance companies that are seeking to increase their rates. The governor feels the market overhaul is too slow Newsom recently addressed the press in Sacramento to announce the push he is making for legislation to require the California Department of Insurance to set a limit of no longer than 60 days for the completion of rate-filing reviews.…

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California Insurance Commissioner and Farmers CEO: A Groundbreaking Dialogue on the Insurance Crisis

california insurance crisis a

California continues to struggle with a growing insurance crisis, as homeowners face towering premiums and the daunting task of securing coverage. Amidst this turmoil, insurers have retreated, leaving many Californians in a lurch. But in a recent twist, the path to resolution may hinge on a compromise that allows insurers to adjust rates based on future risk assessments. State Insurance Commissioner Ricardo Lara, spearheading new regulations to mitigate the crisis, likens his relationship with the insurance industry to a “forced marriage” — staying together for the larger family’s sake. This…

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California fire insurance FAIR Plan now has 350,000 policyholders

Fire insurance - Home Coverage - California insurance

The coverage of last resort is now writing more policies, but not all plan members are satisfied. California’s FAIR Plan, its fire insurance coverage of last resort, is now writing a growing number of policies as homeowners turn to the coverage out of a lack of alternatives. The more policies the FAIR Plan writes, the less satisfied homeowners report being with it. Homeowners have been registering complaints regarding the poor services they are receiving from their fire insurance companies, about the rising costs associated with coverage, and about the threats…

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Commissioner Ricardo requires more commercial property insurance from FAIR

Commercial property insurance - Business property insurance

The California plan has been ordered to include increases to the decades-old business coverage limits. California Commissioner Ricardo Lara has announced that his office has ordered that the FAIR Plan must incorporate his mandated increases to the limits to commercial property insurance. The commissioner made the order to boost the coverage limits to better support Californian businesses. Lara announced that the commercial property insurance changes were meant to support businesses in California. “My order is part of an ongoing commitment to helping businesses in California thrive as our economy recovers…

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California agricultural insurance to see raise in policy limits

Agricultural insurance - Farm

Commissioner Ricardo Lara has ordered what will be the first coverage limit increase in 25 years. California Insurance Commissioner Ricardo Lara has ordered the first agricultural insurance limit increase in fire-prone areas in a quarter of a century. Lara determined that the order was necessary in order to meet the current wildfire risk and rising cost of repairs. The increase in the agricultural insurance limits is approximately 90 percent higher than the limits in the California Fair Access to Insurance Requirements (FAIR) plan, which is the last-resort program for property…

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