The rule mandates insurers to offer coverage in high-risk areas, which means individual companies must grow their market share in these zones regardless of previous reluctance.
Insurance Commissioner Ricardo Lara emphasized that 'Californians deserve a reliable insurance market' as insurers are now required to consider climate change when setting their prices.
Consumer advocacy groups have raised concerns that insurance companies could raise premiums by as much as 50%, undermining the aim of expanding access to coverage.
Bigger insurers like State Farm and Allstate have pulled back from California, raising questions about the sustainability and fairness of the home insurance market in wildfire-prone areas.
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