Posted 9/14/2023, 4:03:42 PM

California Home Insurance Crisis Leaves Buyers Struggling as Insurers Pull Back

New home buyers and existing policyholders struggling to find home insurance in California as major insurers stop writing policies.
Insurers want to raise rates due to rising claims costs but regulators haven't approved hikes. Proposed legislation to reform system failed before legislative deadline.
Consumer advocates opposed "bailout", saying opaque process would deregulate industry and raise rates.
Insurance Commissioner has power to update regulations, allowing higher rates sooner, but still a lengthy process.
For those struggling to find affordable coverage, any changes will take months or years to impact market.

latimes.com

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