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California mandates insurers to boost home coverage in wildfire-risk zones

share-iconTuesday, December 31 comment-icon3 weeks ago 8 views
News sources:
apnewsAPNEWS
California mandates insurers to boost home coverage in wildfire-risk zones

Credited from: APNEWS

  • California's new regulation mandates that home insurers must offer **coverage in high-risk wildfire areas**, a move previously unregulated.
  • The rule requires insurers to **increase their coverage by 5% every two years** until they reach **85% of their market share** in these areas.
  • This regulation aims to address the **loss of access to home insurance** for many Californians due to destructive wildfires.
  • Insurance Commissioner **Ricardo Lara** emphasized the need for a reliable insurance market in the face of wildfires and climate change.
  • Insurers like **State Farm and Allstate** have exited the California market, prompting the state to impose these new requirements to retain coverage options.

For more information, visit the original article here.

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California Home insurance Wildfires Insurance regulation Climate change
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Author:

Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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