Commentary: Home insurance and climate change have collided — and we’re all going to pay for it

As another legislative session draws to a close in Sacramento, the problem lawmakers failed to fix is one of the most urgent facing Californians: the slow-moving collapse of the property insurance market as costs from climate disasters mount.

It “is not even a yellow flag issue. This is a waving red flag issue,” Gov. Gavin Newsom said Tuesday night when asked about the failure of the Legislature to act.

This year, multiple companies, including the state’s largest home insurer, State Farm, have announced they are no longer taking on new residential and commercial properties, citing wildfire risk. In fact, seven of the 12 insurance groups operating in California — together, responsible for about 85% of the market — have pulled back.

But backroom talks among elected officials to figure out a fair and workable path forward to entice insurance companies