California homeowners face insurance crisis

New insurance rules mean homeowners throughout California are likely to pay more after fires
A recent rule change could cause a spike in insurance premium for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in the past.
California’s home insurance prices set to soar
Note that policy costs in these high-risk states, minus California, averaged $5,040 – roughly 150% more than Golden State prices. And the 48-state average policy of $3,200 is 50% above California’s cost. Insurance companies are not saints, but you want them to be profitable.
California Homeowners Unaffected by Wildfires Could Get New Insurance Bill
Changes in California's Fair Access to Insurance Requirements (FAIR) plan could mean higher expenses for homeowners after fires.
California’s Insurance System Faces Crucial Test as Losses Mount
The California FAIR Plan, the state’s insurer of last resort, had just $377 million available last week to pay claims that could reach billions, officials said.
California homeowners face insurance crisis after fire losses
In the months leading up to the recent fires, 1,600 homeowners in California had their fire insurance policies dropped by private insurers due to high fire dang
Fire insurance challenges affect homebuyers across California
The Palisades and Eaton wildfires have decimated entire suburban neighborhoods — and extinguished any hopes of fire-insurance relief for urban centers across California.
Affected by the Wildfires in Southern California? You Might be Safe From Home Insurance Cancellations Through 2026
A recent moratorium now protects California policyholders from losing home insurance coverage for at least one year if their ...
Homeowners face hefty insurance costs, expected to rise amid SoCal wildfires
"American Modern Insurance insured a lot of mobile homes in and around Pacific Palisades. Right now. their claim cost, if you can imagine, are $13 million, for mobile homes, that is going to be an ...
The Stanford Daily2h
Puri | California’s home insurance crisis demonstrates the folly of direct democracy
A 1988 ballot proposition that suppresses premiums has forced the state’s insurance markets to burn alongside Los Angeles, Puri writes.
Fast Company on MSN9d
California overhauled its insurance system. Then Los Angeles caught fire.
Over the past five years, California has become a poster child for what climate-fueled weather disasters can do to a state’s home insurance market. Following a rash of historic wildfires in 2017 ...
California moratorium on insurance cancellation in LA fire zones expanded by state commissioner
The California insurance commissioner expanded the emergency protections covered by his recent moratorium for Southern ...
California Adds More ZIP Codes to Insurance-Cancellation Ban
California sought to protect more Los Angeles-area homeowners from potentially losing their home-insurance policies as ...
Southern California wildfires highlight home insurance industry
The wildfires in Southern California have put a spotlight on the home insurance industry. Companies are being confronted with ...
The Cool Down on MSN20h
California issues new mandate that will have a major impact on homeowners' insurance: 'This is a historic moment'
"Californians deserve a reliable insurance market that doesn't retreat from communities most vulnerable to wildfires and ...