New California bill would boost homeowners insurance protections

There’s new hope for California homeowners facing rising insurance costs: Lawmakers are considering a new bill to boost protections. Bob Redell reports.

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[imzjustplayin]

This bill while nice to hear obviously doesn't address the issues insurers not wanting to underwrite policies in the state. If the insurance companies don't think it's profitable or sustainable to write policies in this state, they're simply going to pull out. Much like the renter's protections or minimum wage increases, California's hostility towards businesses hurts consumers more than it helps.

[oscarsmith]

So this bill does nothing. Nice work. Politicians are incompetent, and we voters are fools.

[beelikemizu]

In America, it's not constitutional to force a company to continue operating at a loss. If they're losing money, why would they continue essentially paying you to cover you??? Maybe figure out why they're losing money & address that instead of just blaming them because you don't like it? How about the state establish & insurance policy program & see how long it lasts continuously losing money 🤷

[stevenlouis]

No one is looking at the big picture. CALFAIR is privately owned by the insurance companies who are publicly saying they had left california and discontinued millions of homeowers but their licenses are still active and enrolled with calfair and gouging customers charging as much as they want without provisions of insurance bureaus. Hello. 7000 a year for only fire coverage. Plus they are dropping customers in low risk areas so that their mortgage companies force the homeowners to enroll in CALFair extortion program that has zero regulations that is owned and operated by all the insurance companies. They never left home they just made alot on little and not little on alot.

[krjourneyfan]

Ricardo Lara is the insurance Commissioner. What the hell is he doing about all this?

[DredZach]

Insurance premiums are a simple math equation based on actual claims risk. In this case, claims risk is very high due to state policies that result in mismanaged forests. The idea has been to preserve nature, but nature would have had wildfires rolling through on a regular basis to clear out the dead wood and overgrown underbrush. We have minimized the frequency and scale of these wildfires, but that means we need to deal with the dead wood in some other way. California has no system of managing this, which has led to excessive wildfires, which has led to excessive insurance claims, which has led to higher premiums. Still, this bill does encourage property owners to do more to reduce their personal fire risk, so that is a good thing overall.

[sebcw]

sounds like without some sort of requirement that fire mitigation efforts be considered for price mitigation, this might lead to the absence of such risk mitigation to be cause for price increase.

[mwatercress]

They are locking at the risk. It is a competitive market. Creating more hoops to jump through isn't going to help. Maybe if the state legislator used their retirement saving to underwrite reinsurance policies it would help keep them from pulling out of the state. I don't mean their defined benefit pensions because that just puts the taxpayer on the hook. Talk is cheap.

[middleguy]

Stop with the government interference. It's causing all the problems.

[UpUpDnDnLtRtLtRtBAStart]

The jig is up, Insurance companies should NOT be operating if they cannot fit the bill should all their customers have a claim at one time. Its that simple. Also - insurance should not be a for profit business.

[m.larkin]

CA policies have led to this disaster. Clear forest debris & let PG&E stop wasting $ on ineffective green energy scams so they can instead fund the improvement of existing infrastructure.

[mobilemoke-negr]

The folx in Orinda need to be bailed out, they have been victimized by State Farms and others...bail them out, it is for the Greater Good! Biden 2024 no more mean tweets

[propblastnd]

Insurance companies are leaving California faster than passengers on the Titanic ‼️

[kenjones]

Ricardo Lara is useless and the most incompetent insurance commissioner in history. He is the problem why there are fewer insurance carriers in CA to offer homeowners insurance which now drive up the cost for every homeowner for paying insurance now

[Lulu-viwb]

The more democrats put their hands on the matter, the worst it gets.

[rubberduckyconvoy]

Welcome to USSR on American soil.
I hate the Soviet Union of Social Democracy. They killed some of my family from 1922 to 1933

[bkwil]

Typical liberal politicians it will do nothin