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By Stephen HobbsGov. Gavin Newsom’s administration released a highly anticipated proposal meant to speed up California’s review of price increases for home and automobile coverage that the governor said weeks ago was needed to provide urgent help while the state faces severe insurance turmoil.The draft version released Tuesday requires the Department of Insurance to more […]
The bill faced concerns from insurance companies and lawmakers during a hearing Wednesday.
Insurance Commissioner Ricardo Lara announced the update during a hearing Wednesday in front of state lawmakers.
Wildfires and expensive rebuilding wiped out profits among California home insurers. State Farm isn’t the first insurer to retreat from the state, and may not be the last.
Industry experts say residents face a long-overdue reckoning with the true cost of insuring homes in a state increasingly damaged by catastrophic wildfires and winter storms.