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Insurance crisis could get more expensive
The ongoing California insurance crisis could get more expensive for local homeowners.
California Insurance Commissioner Ricardo Lara is looking to get insurers to cover more homes at risk of getting burned in wildfires.
A report from CalMatters highlighted Lara's plan to address the state's "home insurance crisis." In CalMatters' report, Lara's plan aims to get more homes covered by insurers through one of the possible solutions mentioned below*:
- Offer policies equivalent to 85% of their statewide market share in these areas
- Increase their number of policies in high-risk areas by 5%
- Take people off the FAIR Plan to increase the total number of policies by 5%
*= Information taken from CalMatters. Click here to read the full report.
The shortlist of suggestions come as CalMatters reports tens of thousands of homeowners across California have lost their insurance or were forced to pay more to keep coverage.
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