Reported about 22 hours ago
California's homeowners insurance market is under severe strain due to raging wildfires and new regulations aimed at addressing the crisis. As recent fires have intensified, drawing attention to the issues insurers face, the state has implemented regulations allowing companies to factor in climate change risks when setting premiums. Threatened by rising losses and increased demand for coverage, many insurers have exited California or limited offerings, prompting homeowners to seek alternatives like the more expensive California FAIR plan. Experts warn that while regulatory updates may help, they may not be sufficient to combat the escalating risks posed by climate change.
Source: YAHOO