Home News California bars insurers from dropping customers in fire-prone zones

California bars insurers from dropping customers in fire-prone zones

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California bars insurers from dropping customers in fire-prone zonesCalifornia state regulators on Thursday banned insurance companies from dropping customers who live in fire-prone areas, a move aimed at helping some 800,000 people across the state. The decision calls for a mandatory one-year moratorium on insurance companies refusing to renew policies in areas at high risk for wildfire. “This wildfire insurance crisis has been years in the making, but it is an emergency we must deal with now if we are going to keep the California dream of home ownership from becoming the California nightmare,” Insurance Commissioner Ricardo Lara said in a statement.

Source: yahoo.com/news