BREAKING NEWS ON THE INSURANCE FRONT!!
By Wendi-Mae Davis, CREN, CRS, GRI, SRES, Broker Associate, Counselor
(Future Homes & Real Estate)
Breaking News on the California Insurance Front! Governor Newsom signed an executive order yesterday to “take swift action to address issues with the insurance market.” He asked the Department of Insurance to: Expand Choices, Stabilize the Market Implement Better Rate Approval Process Ensure Stronger FAIR Plan Accelerate Implementation In response, the Department of Insurance has implemented key regulatory elements of a new plan which include: Executive action by Commissioner Lara to transition homeowners and businesses from the FAIR Plan back into the normal insurance market with commitments from insurance companies to cover all parts of California by writing no less than 85% of their statewide market share in high wildfire risk communities. For example, if a company writes 20 out of...
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