Regulatory Changes Underway To Address Dwindling California Property Insurance Market
We keep hearing about how difficult it is for our clients to get property insurance these days, both for homes and businesses in Northern California’s wildfire-prone areas. Which, of course, is most of Northern California. Those who have not yet been non-renewed are dreading a potential notice on their next renewal cycle, and those who have been non-renewed or are purchasing new property are increasingly left with the FAIR Plan as the only available option.
There is hope that things will improve. On September 21, 2023, Governor Newsom signed an Executive Order urging Commissioner Lara to take action to address the crisis in the property insurance market.
Simultaneously, the Department of Insurance (“DOI”) announced proposed regulatory changes intended to curb the exodus of insurance companies from the market and provide additional options for those having difficulty finding insurance.
Read the full blog post on Farella's Policyholder Perspective blog here.