California regulators on Wednesday disclosed which areas of the state insurers will have to cover if they want to take advantage of financial incentives intended to resolve the homeowners' insurance crisis. In Los Angeles County, those areas include ZIP Codes in the Santa Monica Mountains, the San Gabriel Mountains and parts of the Santa Clarita Valley, according to draft regulations released by the Department of Insurance.
Smaller insurers are also targeted by the regulations, but instead of having to increase market share in distressed areas by the 85% metric, they would have to increase the number of policies they write by 5%. All companies also would have to increase their commercial policies in such areas by 5%.
Source: News Formal (newsformal.com)
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