{"id":15882,"date":"2023-09-23T03:19:48","date_gmt":"2023-09-23T03:19:48","guid":{"rendered":"https:\/\/prosfunds.com\/business\/california-paves-way-for-more-insurance-coverage-in-disaster-prone-areas\/"},"modified":"2023-09-23T03:19:49","modified_gmt":"2023-09-23T03:19:49","slug":"california-paves-way-for-more-insurance-coverage-in-disaster-prone-areas","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=15882","title":{"rendered":"California paves way for more insurance coverage in disaster-prone areas"},"content":{"rendered":"
\n

\n California will now let insurance companies consider climate change when offering policies, in exchange for a mandate requiring them to offer coverage in wildfire-prone areas, state leaders announced on Thursday.\n <\/p>\n

\n \u201cWe are at a major crossroads on insurance after multiple years of wildfires and storms intensified by the threat of climate change,\u201d California Insurance Commissioner Ricardo Lara said in a statement. \u201cThe current system is not working for all Californians, and we must change course.\u201d\n <\/p>\n

\n As a result of several companies choosing to drop coverage in the state recently, consumers without options are flocking to the state-subsidized Fair Access to Insurance Requirements Plan.\n <\/p>\n

\n \u201cThe FAIR plan has doubled to 3% of the market becoming the insurer of first resort for many Californians and not the last resort as it is intended to be,\u201d Lara said Thursday at a news conference. \u201cA growing FAIR plan is really a big problem for our state because the FAIR plan policyholders are required to pay more for less coverage and concentrating the highest risk properties under the FAIR plan increases the chance that they will be unable to afford a catastrophic disaster.\u201d\n <\/p>\n

\n An executive order issued by California Gov. Gavin Newsom clears the way for the new regulations.\n <\/p>\n

\n Insurance companies will give priority to homeowners and businesses who have taken steps to harden their properties to disasters like wildfires, floods and windstorms. Lara said this is first-of-its-kind regulation. Once the new regulations are fully implemented, which is expected by December 2024, insurers will be required to have 85% of new policies they write cover property in areas prone to wildfires. Regulators believe that will help Californians to move off the FAIR plan.\n <\/p>\n

\n \u201cWe\u2019re not going to get to affordability if we don\u2019t tackle the availability issue,\u201d Lara said.\n <\/p>\n

\n More available options for policies are expected to increase competition for better rates.\n <\/p>\n

\n \u201cThis is yet another example of how climate change is directly threatening our communities and livelihoods. It is critical that California\u2019s insurance market works to protect homes and businesses in every corner of our state,\u201d Newsom said in a statement.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

California will now let insurance companies consider climate change when offering policies, in exchange for a mandate requiring them to offer coverage in wildfire-prone areas, state leaders announced on Thursday. \u201cWe are at a major crossroads on insurance after multiple years of wildfires and storms intensified by the threat of climate change,\u201d California Insurance Commissioner […]<\/p>\n","protected":false},"author":1,"featured_media":15883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-15882","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nCalifornia paves way for more insurance coverage in disaster-prone areas | Prosfunds<\/title>\n<meta name=\"description\" content=\"California will now let insurance companies consider climate change when offering 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