California's Insurer of Last Resort Overwhelmed as Home Insurance Crisis Deepens

Enrollment is surging in California's insurer of last resort, raising concerns over its finances and ability to cover losses
Homeowners are struggling to find affordable coverage from standard insurers due to rate increases, limited coverage, and companies leaving high-risk areas
The state insurer added 15,000 new policies last month, now covering 375,000 properties with $311 billion in total risk exposure
The insurer was intended as a last resort but is now becoming the first option for many as the insurance crisis leaves consumers with few alternatives
Proposed state regulations aim to move people off the last resort insurer by allowing rate increases to cover climate risk, but consumer groups criticize the changes