State officials trying to figure out how to stem the exodus of property insurers from wildfire-prone areas are looking with trepidation at hurricane-ravaged Florida.
California Gov. Gavin Newsom speaks about wildfire preparation during a news conference at CalFire's Grass Valley Air Attack Base on June 29, 2023. | Adam Beam/AP PhotoSACRAMENTO, Calif. — Floridians are furious at their elected officials for allowing sky-high insurance premiums driven by catastrophic storms. California’s leaders are eager to avoid that same fate, but they may have no choice.
“We are not going to wait to take action,” Insurance Commissioner Ricardo Lara said in a recent statement. “We will not wait for what is happening in Florida to happen in California.”Others are watching to see what California does as climate change fueled disasters start hitting pocketbooks nationwide: Colorado politicians are currently putting together a last-resort insurance plan as property owners struggle to find affordable insurance.
But the risk of turning out like Florida may be scaring California politicians away from a deal. Potential market reforms under discussion would allow insurers to raise rates in exchange for agreeing to stay in risky areas — a move that Florida has already tried and that has proven politically unpopular.
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