California’s Insurance Department announce changes to ease homeowner’s insurance crisis
(NBC, KYMA/KECY) - Changes are coming to California's insurance laws that could end what's been dubbed a "homeowner's insurance crisis."
The state will now allow home insurance companies to use future-looking computer catastrophe models to set rates.
The state's Department of Insurance says in exchange for those new tools, providers will commit to sell more insurance policies, especially in wildfire-distressed areas.
The Insurance Commissioner's Office thinks all policyholders, not just families in wildfire zones, will see more insurance options next year, although consumer advocates expect those computer models to lead to higher rates.
