With no insurance deal in Sacramento, when will California's homeowners get relief?
New home buyers — and people getting dropped from their existing coverage — have had a tough time finding homeowners insurance this summer in California, as more and more major insurers stop writing new policies in the state.
State lawmakers spent recent weeks trying to piece together a deal that would make it easier for companies to charge higher prices, in the hopes of enticing carriers to reopen for new business. As the clock struck midnight on Monday night, marking the final deadline for introducing a new bill to be voted on before Thursday's close of the legislative session, a deal had failed to materialize.
But major changes to the state's current regulatory regime could still come this year, whether by action from Gov. Gavin Newsom or, more directly, from Insurance Commissioner Ricardo Lara, who oversees the state's insurance regulatory system. The state Assembly will also hold more hearings on the topic this fall, which could set the stage for legislative change next year.
