Commissioner Lara stated, "Our top priority is protecting Californians during this crisis and helping us recover," emphasizing the necessity of the insurance moratorium in these trying times.
The frequency and intensity of wildfires in California have prompted an exodus of insurance companies, pushing homeowners toward the more expensive and limited California FAIR plan.
The insurance moratorium helps prevent homeowners from facing the stress of finding new insurance during the crisis, thus aiding their recovery from these catastrophic events.
As insurers leave high-risk areas, it complicates mortgage access for homeowners, as banks require proof of insurance, effectively limiting property ownership to cash buyers.
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