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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.
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.
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 ...
That would mean that an insurer that has a 10% share of California's home insurance market would have to write 8.5% of the policies in such neighborhoods. ... That fire scorched 153,000 acres ...
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 ...
Rep. Maxine Waters, a Democrat from California whose district includes parts of Los Angeles, told CBS MoneyWatch she will soon re-introduce a bill called the Wildfire Insurance Coverage Study Act ...
Fire insurance has become more costly—if it's available at all—in California, leading more Golden State homeowners to turn to the FAIR Plan, a government-backed insurer of last resort ...
The scale of losses anticipated in the wildfires now ringing Los Angeles, as well as regulatory changes enacted late last year, could spell an end to relatively cheap homeowners' insurance in ...