Their actions fulfill an insurance industry wish list threatening access to affordable home insurance. Speedier rate hikes and deregulation won't improve coverage or accessibility for Californians.
Florida's similar changes resulted in higher premiums and more homeowners forced into the insurer of last resort. California must focus on incentivizing wildfire safety measures to restore access to home insurance.
Requiring insurance companies to cover homeowners who protect their homes from wildfire is crucial. The governor's plan may raise rates significantly and hinder consumer groups' ability to challenge such hikes.
#insurance-rate-hikes #home-insurance-crisis #wildfire-safety-measures #california-fair-plan #insurance-regulations
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