Read the Merc’s article “Governor, insurance commissioner, announce major California home insurance overhaul.”
Consumer advocates blast this move but insurance industry reps say it’s essential to averting collapse in our state’s insurance market.
Consumer Watchdog says that this will undermine the protections against insurance price-gouging in state regulations.
Lara claims that these new changes will take effect by Dec 2024. He also says that thry can add “California-only reinsurance costs” into rate increase filings, so homeowners aren’t paying for costs of flood and hurricane risks in other states.
Read the article to get all of the details.