As Home Insurers Exit the State, Officials Promise Faster Action

KQED's Forum

KQED

News, News Commentary, Politics

4.2 • 726 Ratings

🗓️ 21 May 2024

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Governor Gavin Newsom is calling for swifter reforms to California’s beleaguered home insurance market as homeowners across the state continue to lose coverage or face rate hikes. A growing number of insurance companies have stopped writing new policies in the state, citing increased climate-related risks and higher costs. Meanwhile, the state’s fire coverage of last resort, the FAIR plan, is overwhelmed and facing its own financial crisis. Newsom said this month he is drafting legislation that would speed up how quickly insurance companies can increase rates, a change insurers say they need to do business in the state. We’ll get the latest on the home insurance crisis and take your questions. Guests: Danielle Venton, science reporter, KQED News Amy Bach, executive director and cofounder, United Policyholders - a San Francisco-based nonprofit that advocates for insurance consumers Karl Susman, president and principal agent, Susman Insurance Services, Inc. Michael Soller, deputy insurance commissioner for communications and press relations, State of California Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Support for Forum comes from Rancho La Puerta, boated the number one wellness resort and spa by readers of travel and leisure magazine in 2024.
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0:22.4	Check in to summer at Rancho LaPorta, Rancho LaPoerta.com.
0:26.6	Support for Forum comes from Broadway SF, presenting Parade, the musical revival based on a true story.
0:34.4	From three-time Tony-winning composer Jason Robert Brown comes the story of Leo and Lucille Frank,
0:40.6	a newlywed Jewish couple struggling to make a life in Georgia. When Leo is accused of an
0:46.3	unspeakable crime, it propels them into an unimaginable test of faith, humanity, justice, and
0:53.2	devotion.
1:02.1	The riveting and gloriously hopeful parade plays the Orpheum Theater for three weeks only, May 20th through June 8th.
1:06.4	Tickets on sale now at Broadway, sF.com.
1:09.0	From KQED From KQED.
1:24.0	From KQED in San Francisco, I'm Alexis Madrigal.
1:27.0	The state's home insurance market is in disarray.
1:28.9	Many insurers have pulled out of California. The insurer of last resort is overwhelmed. And regular people keep having to pay more and more.
1:36.2	The question is who or what is to blame and how might things get fixed? Gavin Newsom's administration
1:42.4	is trying to launch a raft of reforms, largely providing
1:46.1	the insurers what they say they need to operate in our state. But other states have done many
1:50.8	of those things, and some have problems as bad as ours. It's long been argued that insurers
1:55.2	would feel the brunt of climate change before many other industries. Perhaps that's the
1:59.2	explanation. We'll dive into the complexities
2:01.1	right after this news.
2:10.2	Welcome to Forum. I'm Alexis Madrigal. California's home insurance market is a mess.
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