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Insurance Commissioner Ricardo Lara has issued a one-year moratorium on home policy non-renewals and cancellations in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.
From 2012 to 2021, home insurers in California lost money on underwriting and insurance transactions, while nationwide average profit margins on those deals were 3.6% to 4.2%, respectively.
Zip codes covered by the moratorium for the Palisades Fire include 90049, 90265, 90272, 90290, 90402, 91301, 91302, 91320, 91356, 91361, 91364 and 91436.
In 2024, the California Department of Forestry and Fire Protection, known as Cal Fire, battled 8,024 wildfires that burned more than 1,000,000 acres of land, and damaged or completely destroyed ...
That means State Farm's California home insurance branch, which covers over 21% of the state market, would be required to cover 18% of the houses in fire zones. ... required to cover 18% of the ...
The hikes would come from a potential assessment likely to be levied by California FAIR, the program set up by the state as the insurer of last resort for homeowners whose fire insurance has been ...
The ongoing Palisades Fire is poised to become one of the state's costliest: Fire officials said Wednesday that more than 11,800 acres have been destroyed and that 1,000 structures have been ...
A revolution is underway in California's insurance market that could provide relief to homeowners in high-fire-risk neighborhoods who have found it difficult to find insurers to cover their homes ...