Reported 5 days ago
California has announced a new regulation requiring insurers to provide increased home insurance coverage in high-risk wildfire areas, allowing homeowners who have struggled to find insurance to secure policies. Insurers must boost their wildfire coverage by 5% every two years until they reach 85% of their market share in these regions. The rule aims to stabilize the insurance market as major providers like State Farm and Allstate withdraw from writing new policies due to the growing threat of catastrophic wildfires.
Source: YAHOO