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Under Lara’s new policy, insurance companies can’t enact non-renewals or cancelations for residents of the areas scorched by the Palisades and Eaton fires until January 7, 2026.
"Premiums are increasing in fire-prone areas because insurance companies are dealing with more claims and bigger payouts," says Nick Ramirez, a California-based Goosehead insurance agent. "It’s ...
At the end of 2024, the state's insurance commissioner enacted a measure aimed at expanding coverage in wildfire-afflicted areas after many companies scaled back following other devastating blazes.
In the months before thousands of Los Angeles homes went up in flames, property insurance companies dropped coverage in many neighborhoods of the city, citing the growing wildfire risks caused by ...
Following the fires this week, California Insurance Commissioner Ricardo Lara invoked moratorium powers to suspend all policy non-renewals and cancellations from insurance companies for one year.
Residents can visit the Department of Insurance website at insurance.ca.gov to see if their ZIP codes are included in the moratorium. They can also contact the department at (800) 927-4357 or via ...
The December rule change, announced just days before the fires in Southern California started, allows insurers to include the cost of reinsurance policies – insurance companies’ own insurance ...
Deadly LA fires devastate Southern California as hurricane-force winds fuel flames, 300K residents flee ... Insurance companies dropped 1.72% of Californian homeowners’ policies in 2023 ...