California bans insurers from pulling policies in fire-ravaged areas
Though the moratorium is legally binding for insurance providers around those fires thanks to the law that went into effect this year, Lara called on insurers statewide to voluntarily follow suit.
Those statistics provide a limited view of the problem, as the state has no way of tracking policy nonrenewals and individual premium hikes. But they reflect the cusp of a trend that is expected to worsen, officials have said.After a series of massive fires, residents living in or near forested areas are facing rate hikes so significant they’re taking circuitous routes to find cheaper and less comprehensive coverage.
The moratorium won praise from experts such as Jeffrey Michaels, a public policy expert at the University of the Pacific. But he cautioned it could have unintended consequences for companies looking to enter or stay in an existing housing market that hasn’t experienced a wildfire.“It can make insurers even more reluctant to insure those areas if they could have a moratorium imposed,” he said.
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