If the regulations were in effect today, we would begin selling new homeowner insurance policies tomorrow, said Gerald Zimmerman, senior vice president of government relations for Allstate... As soon as we can use catastrophe modeling and incorporate the net cost of reinsurance into our rates, we will be open for business in nearly every part of California.
The company will offer coverage in nearly every corner of California, according to Zimmerman. This marks the first time a large property insurer publicly commits to re-entering California's market if new regulations are implemented, amidst wildfire risks and policy cost restrictions.
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