Is relief from homeowner’s insurance woes on the horizon? Consumer advocate says homeowners should beware.
The companies say that among other issues, pricing models — based on actual past losses and not on projections of future climate-driven disasters — are not keeping pace as costs to repair or replace homes mount.
Insurance Commissioner Ricardo Lara’s office said the state’s insurance market “faces challenges” brought on by wildfire and storm losses, inflation, prolonged rebuilding, supply chain disruptions, and high material costs, while “entrenched interests on all sides” are defending “a system that is clearly not working.”
Rosenfield, author of the 1988 Proposition 103 voter revolt that rolled insurance rates back 20% and requires the elected insurance commissioner to approve rate increases, smells a rat. He says insurers, who’ve been gunning for Prop 103 for decades, are limiting new coverage to pressure consumers and lawmakers into loosening regulations, which he said will spur higher rates while making it harder to assess their need.
California is hardly the only state grappling with home insurance problems. Hurricane-ravaged Florida has become the poster state for an imploding insurance market.
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