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Posted by: thepinetree on 06/13/2024 08:38 AM
Updated by: thepinetree on 06/13/2024 08:38 AM
Expires: 01/01/2029 12:00 AM
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Governor Newsom Supports Insurance Reform Proposal
Sacramento, CA...A new draft regulation announced by California Insurance Commissioner Ricardo Lara will require that insurers that use new catastrophe modeling must write more policies in distressed areas, with larger insurance companies required to insure properties in distressed areas at a rate equal to 85% of the insurer’s statewide market share. This is part of the Commissioner’s Sustainable Insurance Strategy, a package of reforms to strengthen California’s marketplace and maintain strong consumer protections.
“This is another critical action to help fix California’s decades-old insurance crisis. It will help homeowners who face higher threats of wildfire get the coverage they need, while also easing pressure off of the state’s FAIR Plan. As the climate crisis has rapidly intensified, the insurance system hasn’t been seriously reformed in 30 years – this is part of our strategy to strengthen our marketplace and get folks the coverage they need.”
Governor Gavin Newsom
Last year, Governor Newsom called for swift regulatory action to strengthen and stabilize California’s marketplace with a focus on creating a better rate approval process, building a stronger FAIR Plan, and accelerating the implementation of regulations.
Just last month, the Newsom Administration released a proposal to increase the transparency and speed of rate change application approval timelines, while remaining consistent with Proposition 103’s consumer protections from excessive, inadequate, and unfairly discriminatory insurance rates.
Insurance rates nationwide have been on the rise due to the impacts of the climate crisis. California rates have been below the national average and significantly less than some other states, with the average yearly cost for $300,000 homes at:
California – $1,405
National – $2,601
Texas – $3,851
Florida – $4,419
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No Subject
Posted on: 2024-06-13 08:40:37
By: Anonymous
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And this will have the opposite effect as Gov intrusion always does. Ca's insurance will become increasingly hard to get and more expensive because of their idiotic mandates
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Posted on: 2024-06-13 08:52:24
By: Anonymous
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.
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Posted on: 2024-06-13 09:00:46
By: Anonymous
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Welcome to climate change. Just look at the amount of storm damage this year alone. But a Republican congressman brought a snow ball to congress. To cover for big oil. The company's that donated to their campaign’s. It’s kinda like fu— the rest of mankind. As long as I remain an elected official. And keep making money. Just screw young people and the planet.
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Posted on: 2024-06-13 09:06:22
By: Anonymous
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Fake News there's no global warming
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Posted on: 2024-06-13 10:26:36
By: Anonymous
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You may want to google that too!
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Posted on: 2024-06-13 09:43:52
By: Anonymous
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.
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Posted on: 2024-06-13 09:57:36
By: Anonymous
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.
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Posted on: 2024-06-13 11:11:40
By: Anonymous
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No climate change. Keep telling yourself. Could be a bad fundraiser. To actually admit, something's the entire world already knows.
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Posted on: 2024-06-13 15:31:17
By: Anonymous
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I'm still voting for TRUMP!
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Posted on: 2024-06-13 12:17:07
By: Anonymous
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The price for California has to be from a few years ago. 2024 our cost got a 250% increase and our cost for 2023 was $2300. We had to increase the deductibles and reduce some coverage to get a price we could afford.
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Posted on: 2024-06-13 13:50:55
By: Anonymous
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Yeah those rates are ancient. Some neighbors were hit with a $14k rate. I don't see how this is going to help. It's smoke and mirrors. But will reserve judgement.
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Posted on: 2024-06-13 17:39:26
By: Anonymous
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It’s trumps presidency. It’s was a catastrophic. He was voted the worst president in history. Hands Down !!!!
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Posted on: 2024-06-13 17:41:54
By: Anonymous
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Trump talking like a lunatic. Just keep telling yourself. He is not out of his fu—ing mind.
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Posted on: 2024-06-14 03:32:47
By: Anonymous
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What you talking bout Willis. You mean ole jOEY.
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