Hundreds of thousands of California homeowners who have failed to find or lost access to home insurance as wildfires in the state become more destructive will once again be able to buy policies under a state regulation announced Monday.
The rule will require home insurers that write policies in the state to offer coverage in high-risk areas, something the state has never done, Insurance Commissioner Ricardo Lara's office said in a statement. Insurers will have to start increasing their coverage by 5% every two years until they hit the equivalent of 85% of their market share. That means if an insurer writes 20 out of every 100 state policies, they'd need to write 17 in a high-risk area, Lara's office said.
