Gov. Gavin Newsom noted that insurance companies are returning or expanding coverage in California in his final State of the State speech, but acknowledged that there is still "a lot of work to do here." His latest budget includes a financing program to help survivors of wildfires bridge the gap between insurance payouts and the costs of rebuilding. "This will help get survivors back in their homes much, much faster," he said.
As insurance companies continue to hike rates and cancel coverage for thousands of homeowners across fire-prone parts of California, Gov. Gavin Newsom is directing regulators to come up with new solutions to stabilize the state's spiraling home insurance market. In an executive order this week, Newsom instructed the state insurance department to submit recommendations on insurance costs and accessibility, wildfire mitigation and compensation for fire victims, among other concerns.