SECTIONS
0:00 Brief History of California Wildfires & Safer From Wildfires Regulation
4:00 Webinar Start & Introductions
13:18 Briefing by Insurance Commissioner Ricardo Lara
29:29 Q&A Section
51:35 My Closing Thoughts

On July 31, 2023, California Insurance Commissioner Ricardo Lara held a briefing on how the new Safer From Wildfires regulation can help homeowners and businesses qualify for insurance discounts.

I was invited to the webinar.

At the time of this broadcast, insurance companies were pausing coverage, canceling policies, and some companies left the State altogether. As a homeowner, property manager, and real estate broker, I have first-hand knowledge of this. Here is my live reaction to it all.

The California Insurance Commissioner’s Office is encouraging homeowners to spend $1000s on fire proofing their homes so they can see a savings on their skyrocketing insurance coverage. https://t.co/Q0wX5dgkIg

Sustainable Insurance Strategy is aimed at safeguarding the overall health of the insurance market while ensuring long-term sustainability by seeking a “commitment” from insurance companies to write a minimum of 85% of homes and businesses in distressed areas. 

This has resulted in major insurance carriers leaving the state or – as the Commissioner put it – “pause” writing in California. That leaves smaller, lesser known companies writing at several times higher than previous rates. I know because I write the checks.

Meanwhile, the State doesn’t till Federal land that becomes fire fodder during wildfire season, and it allows for trillions of gallons of fresh water to flow to the ocean instead of storing for dry times.

Instead of repealing the mandate, the State is literally expecting the homeowners to make ends meet during a down economy because “Climate Change.”

Unfortunately, homeowners will be hardest hit and the State will surely make the insurance companies take the fall for the changes The State forced them into.

CBS NEWS: California insurance commissioner issues 1-year moratorium to protect Southern California homeowners:

https://www.cbsnews.com/losangeles/news/california-insurance-commissioner-moratorium-southern-california-homeowners

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