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California promised insurance relief, but delivered loopholes new regulations were supposed to ensure that homeowners in fire zones would have coverage available. California insurance commissioner ricardo lara issued a formal notice asking insurance companies to implement protective measures, including a moratorium on cancellations, for policyholders who. For hundreds of thousands of california homeowners who rely on the state’s fair plan, what was supposed to be an insurance pool of last resort has become the only option
A new york times investigation has found insurance commissioner lara's 2023 plan to deal with california's insurance crisis incentivized insurance companies to dump policyholders before the la. The state’s dire straits have been amplified by the recent devastating wildfires in los angeles, which destroyed billions of dollars in structures and took more than two dozen lives. Gavin newsom signed a bipartisan bill thursday that aims to prevent the state’s home insurer of last resort from running out of money following a natural disaster
The fair plan is an insurance pool that provides policies to people who can’t get.
Gavin newsom has signed a bill to prevent the state’s plan that provides insurance to homeowners who can’t get private coverage from running out of money. Since 2022, seven of the twelve largest insurance companies in california have limited new policies in the state
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