California leaders announce major home insurance reform in light of wildfires, floods

Gov. Gavin Newsom and California's Insurance Commissioner said they are overhauling the regulation of the state's home insurance market that's changed drastically because of disasters caused by climate change, which will likely make the insurance more available but also more expensive.

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[Me]

Whatever happens with our insurance, the odds will ALWAYS favor and benefit their corporate profits.

[ChristeenThorpe]

State farm wouldnt let me transfer my renters. We moved! So i paid for decades- and nada. Not one claim.

[captng]

Your insurance rates will raise across the board...when government gets involved prices explode 😮

[Vic]

I thought this was the party of transparency and decreasing big company profits to give it back to consumers. Guess not

[kohort]

This is basically insurance companies going on strike.

[ChristeenThorpe]

"You will own nothing and be happy"

[damham]

Same equity, investment, and wall street firms that own the insurance companies are the ones who have been buying up houses. California and Florida are prime properties. So run up insurance so homeowners have to sell, and buy up the properties. Then these companies will give themselves low insurance rates and turn around charging extremely high rental fees.

[Stutterstun]

Wait a minute... the insurance lobbyist fought for this, so how is the commissioner spinning this as a tool to help Californians

[Shlevel]

So the insurance industry got what they were aiming for a month ago…how predictable…

Yay…corporate welfare….!!!