California Regulators Roll Out Plan to Stabilize Home Insurance Market

KQED's Forum

KQED

Politics, News, News Commentary

4.6 • 656 Ratings

🗓️ 8 August 2024

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

California’s home insurance market is a mess. Across the state, major insurers are canceling policies or leaving the market altogether – citing disaster risks that outpace their ability to set rates and cover potential losses. Meanwhile, the state’s FAIR plan, conceived as a temporary policy of last resort for homeowners, has seen an enrollment spike. State regulators are now attempting to bring insurers back to disaster-prone areas – in exchange for fast tracking rate adjustments and expanding the risk-assessment models that insurers can use. We’ll learn more and hear from you: Have you lost your homeowners insurance? How have you coped? Guests: Daniellle Vanton, science reporter, KQED News MIchael Wara, policy director for the Sustainability Accelerator at the Doerr School of Sustainability; director of the Climate and Energy Policy Program; senior research scholar at the Woods Institute for the Environment, Stanford University Michael Soller, deputy insurance commissioner for Communications & Press Relations, State of California Megan Fan Munce, reporter covering California’s home insurance crisis, The San Francisco Chronicle Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:46.5	From KQED in San Francisco, I'm Guy Marzarati and from Mina Kim.
1:07.5	Coming up on forum, we dive into California's turbulent home insurance market.
1:12.6	Insurance companies like State Farm, Allstate, and nationwide have reduced or eliminated
1:17.6	coverage in some parts of the state.
1:19.7	They say an increased risk of disaster brought on by climate change has outpaced their
1:24.6	ability to set consumer rates that would cover potential losses.
1:28.7	Meanwhile, many homeowners have been forced to choose between the state's emergency plan
1:32.9	or no insurance at all.
1:35.0	This summer, the Department of Insurance has rolled out plans to stabilize this crisis,
1:39.1	but with the state in the thick of fire season, are the fixes too little too late?
1:46.0	That's next after this news.
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