Wildfire-prone CA to consider new rules for property insurance pricing, commissioner announces

The day started with Gov. Gavin Newsom signing an executive order urging Insurance Commissioner Ricardo Lara to take swift action to address issues with the insurance market, and swift he was. This afternoon, the commissioner announced a major overhaul of California's property insurance regulations.

#insurance #california #overhaul #regulation #pricing #abc #abc7news

[stephaniekerr]

How about following the rules for forest husbandry and instead of using federal money earmarked for land conservation to fund braindead policies, use it to manage the forests? What a concept!!

[jasziegl]

The insurance industry wants to make bets but not pay out when they lose.
Fair, but they deserve to get the same treatment you would get in a western saloon for cheating at cards.

[josephpeluchette]

Literally charging the people for bad gov forestry policy

[TAL]

I have never seen insurance company lower their rate. They always find ways to increase rate year after year. And those are reasonable rate hike? Who knows? We don't get reasonable pay hike especially those retired.

[joshcourt]

Glad I left that dumpster fire in 2020

[davidwright]

of course!!! EVERYTHING costs more!! EVERYTHING!!

[txcountryboy]

How do they classify fires since we are learning they are NOT natural at all

[dennismartin]

How does a governor make laws that burden the people with out going thru state legislatures.

[alfonsoalfonso]

Raising cost on home owners, is helping citizens? More profits for stock holder and top executives. Insurance corporations, believing why should you have their money in YOUR POCKET. Our career politicians work for billionaires and stock holders, I forgot politicians will also profit. THE CITIZENS WILL PAY POLITICIANS STOCK PROFITS. Keep re-election politicians back in office. Many career politicians are multimillionaire that’s right MULTIMILLIONAIRE.

[Stutterstun]

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

[corneliusdinkmeyer]

How is anyone supposed to afford living

[mikegines]

Ca. Needs to do some forest management of their own. Some mountain needs to do some forest management and a tax for effected residents

[AAA-tksk]

Hey insurance companies, do NOT think for a minute that the rest of the country will supplement your rates to insure California!!! The state that won't cut back and clear its dead brush every single year to PREVENT FIRES!!!

[justinesagan]

My god the cost of living is already unaffordable. Insurance should cost less not more! Cant wait to leave this stupid state!

[SourBogBubble]

You get the politicians you deserve. AKA voting

[ihpaper]

A Governor should be winning victories for the people. This is super super dirty. Newsom has money to be made on this.

[jrob]

Raising rates? Since when are insurance companies not profitable

[efunkyman]

democrats once again looking out for their constituents! 😂

[txcountryboy]

Insurance should be like bail bonds. Only those who need it should have it. If you have a wreck or hone owner accident THEN you shop for an insurance policy. They pay for everything w a title, deed, or valuable as collateral and you pay monthly payments on that...thats the FAIR way to do it. Got safe drivers and responsible home owners that pay insurance for 30, 40, 50 years and never file a claim. All that money just given to some schmuck in an office...

[D__Lee]

I was working in Florida when hurricane Andrew devastated Florida and even before Andrew made landfall, insurance companies were already declaring insolvency because the expected property claims were more than their $$$ reserves. The Florida governor and the state legislator have done very little to address the property insurance crisis. Today, private property insurance coverage is hard to find in Florida or the rates are exorbitant. Governor Newsom is trying to avoid what's happening in Florida. I hope it works. When private insurance companies abandon California (and they already have) like they've done in Florida, that's BAD NEWS for all property owners. If you think private insurance companies are bad, what until you have to deal with a state-funded & managed insurance company. With ALL the wildfires, flooding, earthquakes, landslides, and other natural disasters that have been happening more frequently in California, catastrophic losses are now the new "normal" for insurance companies. That's scary.