State Aims Increase Fire Insurance Options: Higher Prices Likely ...Middle East

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State Aims Increase Fire Insurance Options: Higher Prices Likely
Sacramento, CA — The State of California is going to implement changes designed to make it more lucrative for companies to provide fire insurance, but it will also likely increase the prices of plans. As insurers are increasingly denying policies or deciding to exit regions of the state entirely, Insurance Commissioner Ricardo Lara announces that new rules will be written to allow insurers to start taking into account climate change and other external factors. Unlike many other states, currently, California does not let insurance companies consider future risk (like fire/climate) when writing policies, and can only consider what has happened on that property in the past. The rule has led to

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