Insurance Commissioner Ricardo Lara announced Thursday that he struck a deal with the insurance industry to encourage new coverage in the state. Insurers, Lara said, agreed to return to the high-risk fire zones in the hills and canyons of California in exchange for a number of concessions that will make it easier, in theory, for them to get higher rate increases through the state regulator more quickly.
insurance
Posted inPolitics & Policy
With no insurance deal in Sacramento, when will California’s homeowners get relief?
The deadline for a deal to address the home insurance market came and went in the California Legislature, but the problem persists.
Posted inLatest News
Santa Cruz Mountains communities brace for turmoil as home insurers leave California over wildfire risk
As insurance companies like State Farm pull out of writing new policies in California over concerns about the cost of wildfires, homeowners in high fire-risk areas, such as the San Lorenzo Valley, can expect to pay higher premiums as they pick from a much smaller pool of property insurers. An insurance program that offers limited fire insurance may become the only option for many in the Santa Cruz Mountains — one that experts warn could be far too expensive for some low-income families.
Posted inLatest News
State Farm’s California freeze: Looming insurance apocalypse or political ploy?
California’s biggest seller of homeowners insurance says regulations and wildfires make new policies a financial loser. But there are reasons to question that explanation.
Posted inPolitics & Policy, San Lorenzo Valley
Devastated by storms and denied by insurance, Lompico residents navigate uncertain recovery
Just days after a first New Year’s Eve storm rendered Lompico resident Benjamin Short’s home uninhabitable, his insurance claim was denied, leaving him on the hook for potentially $250,000 in repairs. It’s a situation that policyholder advocates say is increasingly common as California homeowners contend with more frequent natural disasters.
Posted inPolitics & Policy
Damaged by the Santa Cruz storms? Tips from the pros on how to deal with insurance
“First thing is to do your best to dry out your property and stabilize it. Be safe, and recognize that most people are going to have a fight with their insurance companies to get them to pay for the damage,” says Amy Bach, executive director of United Policyholders. Her group aids consumers in the many ins and outs of getting insurance claims paid; here are her tips.
Posted inEnvironment
California wildfire insurance: Should homeowners pay for climate change?
Insurance companies want to factor climate change in calculating wildfire coverage, but consumer watchdogs worry California homeowners will end up with higher premiums. Lawmakers from fire-damaged districts say they are open to change because their constituents are already losing coverage.