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A recent rule change could cause a spike in insurance premium for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in ...
Currently, California homeowners in high-risk areas have few insurance options. Many have turned to the California FAIR plan, a private program established by the state and designed to be a fire ...
Since the massive fire years of 2017 and 2018, home insurers have been gradually withdrawing from the most fire-prone parts of California. (Patrick T. Fallon / For The Times)
Insurance companies in California have wide latitude to not renew home policies after they expire, though they must provide at least 75 days' notice. However, policies in force can be canceled ...
The deal is part of a series of proposed changes to state law promoted by Insurance Commissioner Ricardo Lara as a way to stabilize California’s tumultuous market. Homeowners have seen a rapid ...
Compared to home values, the average statewide premium in 2023 was the lowest among all 50 states, according to the Reuters analysis. California’s high property values may make that insurance ...
The wind-driven wildfires burning out of control in the Los Angeles area couldn't have emerged at a more perilous moment for California's homeowners, as officials try to rehab what they concede is ...
Meanwhile, it has only around $200 million in cash on hand and $2.5 billion it can tap from reinsurance firms that act as backstops to insurance companies. More and more homeowners have come to ...