Are you concerned about your homeowners insurance? Tune into this upcoming public hearing to provide input for the final phases of new wildfire modeling regulations.
The full text of the Insurance Commissioner's announcement can be found here. This announcement marks the latest step in the Commissioner's Sustainable Insurance Strategy – the state's largest insurance reform in over 30 years.
In announcing this critical final phase, Commissioner Lara stated, "Climate change is affecting every part of our lives, making insurance harder to find and more costly for those at the greatest risk. With climate-driven mega-fires burning across the state, it is clear that relying on decades-old regulations only hurts our ability to prepare for the future. My strategy will help modernize our marketplace, restoring options for consumers while safeguarding the independent, transparent review of rate filings by my Department's rate regulation experts."
The new proposed regulations mark two "firsts" for the state's regulation of insurance rates: The first time insurance companies will commit to covering higher risk homes in wildfire-distressed areas and the first use of forward-looking wildfire catastrophe modeling.
