As Home Insurers Exit the State, Officials Promise Faster Action
Governor Gavin Newsom is calling for swifter reforms to California’s beleaguered home insurance market as homeowners across the state continue to lose coverage or face rate hikes. A growing number of insurance companies have stopped writing new policies in the state, citing increased climate-related risks and higher costs. Meanwhile, the state’s fire coverage of last resort, the FAIR plan, is overwhelmed and facing its own financial crisis. Newsom said this month he is drafting legislation that would speed up how quickly insurance companies can increase rates, a change insurers say they need…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.