California has a new plan to boost insurance coverage in some of the riskiest areas for wildfires.
OAKLAND -- California state regulators released a new plan to make it less difficult for homeowners to buy home insurance but some consumer advocates worry it would mean sharp premium increases for everyone.The proposed plan comes after many homeowners in older houses and those who live in fire-prone areas either lost coverage or saw rates soar in the past couple years.In fact, many major insurers have either left the state or stopped writing new policies.
The new plan would require insurers to increase coverage in designated fire-prone zip codes identified by the state.'All they really want to do is have a regulatory system and prices reflect the real-world risks,' said Seren Taylor, vice president of the Personal Insurance Federation of California , an insurance industry group.Taylor supports the plan and believes it would stabilize the market.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Penn State Football: Top California Prospect Daryus Dixson Commits to Penn StateDaryus Dixson, a highly ranked cornerback from California's Mater Dei High, committed to Penn State's 2025 recruiting class.
Read more »
California legislators break with Gov. Newsom over loan to keep state's last nuclear plant runningThe California Legislature is signaling that it could cancel a $400 million loan payment to help finance a longer lifespan for the state’s last nuclear power plant. The votes in the state Senate and Assembly exposed a rift with Democratic Gov.
Read more »
This Seashell Could Be California’s Next State SymbolA bill before the Legislature would select the black abalone as California’s official seashell. The author says it represents the threat of climate change and honors its history with Native American tribes.
Read more »
California man allegedly robbed bank, took hostages day after release from state prison: DOJEric Gray, 53, is accused of robbing the BMO Bank location in Anaheim, California, on May 8, which took place one day after he was released from state custody.
Read more »
This seashell could be California’s next state symbolA bill would make the black abalone as the state seashell to represent the threat of climate change and honor Native American tribes.
Read more »
Blaze Pizza to move headquarters out of California in wake of state’s minimum wage hikeThe pizza chain, owned partly by Los Angeles Lakers star Lebron James, is moving its headquarters from Pasadena, California, to Atlanta.
Read more »