New Insurance regulation in effect Jan 2

The new insurance regulation, part of Lara’s Sustainable Insurance Strategy, received support from industry and environmental groups, but mixed reactions from consumer advocates. The Los Angeles group Consumer Watchdog argues that the computer models will be a "black box" causing significant premium increases.

Regulations effective Jan. 2 result from an agreement between Lara and insurers, granting regulatory concessions for using computer models. In return, major insurers like State Farm, Farmers, and Allstate must write policies in wildfire-prone neighborhoods, covering 85% of their statewide market share. For instance, an insurer with 10% of the market must insure 8.5% of homes in fire hazards severity areas. No such requirement exists now.

Residents in mountainous areas are struggling to find insurance, leading to reliance on minimal policies from the FAIR Plan, which has seen its risk exposure grow from $153 billion in 2020 to $458 billion by September.

MWF Solutions can provide you with the best fireproof fence and gates to better protect the perimeter of your business.

To learn more or to discuss your next project, contact MWF Solutions at 951-972-2016 for expert guidance and cost-effective solutions.