With more California homeowners just discovering their insurance policies are getting canceled — and hundreds of thousands of others stuck with a pricey option of last resort — state Insurance Commissioner Ricardo Lara’s efforts to fix the home insurance market can’t come quickly enough., unveiled last month, aims to streamline rate reviews. State law gives the Insurance Department the power to approve or deny insurers’ requests to raise premiums.
“One of the critical things a commissioner does is to analyze the market and provide the public with information,” Garamendi said in an interview with CalMatters. “ didn’t use his power to control the industry and second, to inform Californians.” He also said he and other fire chiefs are working to make sure the interests of consumers, fire professionals, insurers and the state are aligned. Insurers may not know what homeowners, communities and local fire departments are doing to reduce wildfire risk. One idea: a database to share that information.
State Insurance Commissioner Ricardo Lara speaks during a press conference with Los Angeles labor leaders and advocates in Commerce on Sept. 26, 2022. Photo by Alisha Jucevic for CalMatters “Florida has done what insurers are asking for,” Jones said. Yet “Florida’s rates are three or four times the national average.”
Meanwhile, last week State Farm said that it is not renewing policies for 30,000 California homeowners, as well as refusing to cover all commercial apartments by not renewing 42,000 of those policies. Sarkissian also referred CalMatters to the Personal Insurance Federation of California, which counts State Farm as a member. The industry group’s president, Rex Frazier, said in an email last week that allowing insurers to use catastrophe modeling would help with insurance availability.
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