The new regulation mandates insurers to cover high-risk fire areas, a first for California, facilitating insurance access despite the growing wildfire threats.
Insurance companies like State Farm and Allstate ceased new policies in California, citing fears of massive wildfire-related losses as a key reason for their exit.
Opponents claim the new rule could raise premiums by as much as 40%, asserting it doesn’t ensure accelerated policy offerings from the insurers.
Lara emphasized the necessity of a reliable insurance market, asserting that California must not retreat from addressing the communities most vulnerable to wildfires.
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