California has a new plan to boost insurance coverage in some of the riskiest areas for wildfires.
OAKLAND -- California state regulators released a new plan to make it less difficult for homeowners to buy home insurance but some consumer advocates worry it would mean sharp premium increases for everyone.The proposed plan comes after many homeowners in older houses and those who live in fire-prone areas either lost coverage or saw rates soar in the past couple years.In fact, many major insurers have either left the state or stopped writing new policies.
The new plan would require insurers to increase coverage in designated fire-prone zip codes identified by the state.'All they really want to do is have a regulatory system and prices reflect the real-world risks,' said Seren Taylor, vice president of the Personal Insurance Federation of California , an insurance industry group.Taylor supports the plan and believes it would stabilize the market.
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