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California Implements New Regulation to Address Home Insurance Crisis

share-iconTuesday, December 31 comment-icon3 weeks ago 10 views
News sources:
latimesLATIMES
California Implements New Regulation to Address Home Insurance Crisis

Credited from: LATIMES

  • The California state has introduced a regulation to help stabilize its home insurance market currently affected by wildfires.
  • Insurers can now charge higher premiums to cover reinsurance costs, a practice already common in other states.
  • This is part of a series of reforms led by Insurance Commissioner Ricardo Lara to attract home insurers back to the state.
  • Insurers must also commit to increasing their comprehensive policy offerings in wildfire-prone areas by 5% every two years.
  • The new regulation will undergo a review process before it is finalized and enacted.

For more details, read the full article here.

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California Home insurance Wildfire Insurance reform Reinsurance
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Atlas Winston

A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

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