California proposes using catastrophe modeling for insurers to write more policies in high-risk fire areas, aiming for 85% coverage in distressed regions, benefiting homeowners like Michelle Green.
Insurance Commissioner Ricardo Lara's sustainable strategy aims to provide more affordable and available options for consumers by incentivizing insurance companies to cover high-risk areas.
Insurers are urged to use computer programs for future risk estimation and offer coverage in distressed areas; the proposal aims to lessen challenges for consumers and enhance insurance availability.
Critics argue that catastrophe models are speculative, raising concerns about reliability when determining fire risk for insurance coverage in California.
Collection
[
|
...
]