State insurance regulators have devised a plan to stabilize California's home insurance market by mandating that insurers expand coverage in fire-prone areas where many have stopped offering policies. The updated map determines high-risk zip codes, but some areas, like parts of Oakland and Berkeley, are notably excluded due to lower overall insurance needs. New regulations mean that insurers must cover a percentage of high-risk policies relative to their overall portfolio, addressing the gap left by companies that have abandoned these homeowners. Consumer groups have raised concerns over potential loopholes that may allow insurers to evade full compliance.
The plan updates a map of high-risk zip codes where insurers will be required to write more policies, aiming to create a more equitable insurance market despite growing wildfire threats.
New rules require insurers to cover a proportional share of high-risk policies, ensuring that companies that increase rates also expand coverage to previously neglected homes in fire-prone areas.
Collection
[
|
...
]