Insurers pulled out amid wildfire losses. Now they're reportedly seeking a giveaway from the Legislature, Gov. Gavin Newsom and Insurance Commissioner Ricardo Lara.
State Farm said it will stop writing new home insurance policies because of climate risks and rising costs. California lawmakers need to be more aggressive in building safer communities.By waiting until the last days of legislative business to negotiate such a bailout, lawmakers are cynically attempting to bypass public scrutiny and debate while undermining the credibility of their institution.
There are many legitimate ways to address the impact of wildfires and other extreme weather events without bailing out the industry or allowing it to avoid transparency and accountability. Our leaders should take the time to look into them. For example, money from a proposed climate bond and the state’s cap-and-trade program could be deployed to help homeowners take precautions that reduce the risk of loss from extreme events such as wildfires. Rather than allowing insurance companies to make land use policy through rates, state and local authorities ought to develop rational rules to guide construction in high-risk areas.
Finally, as a condition for the privilege of selling any kind of insurance in California, companies must be required to cover all homeowners who have taken appropriate measures to protect their property. And insurers that choose to leave the state should not be allowed to return for five years.
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