Latest news with #CaliforniaDepartmentOfInsurance
CBS News
6 days ago
- Business
- CBS News
California insurance commissioner says new coverage plans are needed to lure companies back to the state
If you live in California, it's likely obvious that there's an insurance crisis and the most recent casualties are survivors of the Palisades and Eaton fires. Instability and uncertainty have caused insurance companies to leave the state, and homeowners are left picking up the pieces. A main reason why insurance companies are no longer wanting to do business is because of the increased fire danger all year round. "Insurance touches every sector of every part of every sector of our economy and climate change is really upending every bit of that," said California Insurance Commissioner Ricardo Lara. The California Department of Insurance recently hosted the Global Sustainable Insurance Summit in Long Beach, bringing insurance experts, environmental experts and academia together. KCAL News spoke with Lara at the conference, which was designed to be a meeting of the minds. Lara said to keep insurance available and affordable, homes need to become more resilient, and regulators need to do more to entice insurers to return to California. One idea being debated is new coverages like parametric insurance. Parametric insurance pays claims based on the level of a disaster rather than the value of the loss. Payouts would be determined by the severity of the fire or weather event, regardless of the amount of damage to a home. For policyholders, some could get money for losses they didn't incur, while others might find their payouts fall short of the cost to rebuild. Parametric policies are attractive to insurers because their costs would be more predictable. Meanwhile, the insurance industry is funding disaster research of its own and is sharing its findings with lawmakers and regulators alike. Given the challenges faced by survivors in the Pacific Palisades and Altadena, Lara welcomes their findings and suggestions. He said his hope is to empower consumers to "build back better and smarter" so the same mistakes aren't repeated in the years to come.
CBS News
27-05-2025
- Business
- CBS News
Resource guides and links for homeowners and renters
Understanding homeowner's and renter's insurance can be daunting, with more questions than answers. KCAL News is here to help provide resources to help answer those questions. It is all apart of KCAL Insurance Week: We've Got You Covered. Below is a list of organizations and agencies that focus on insurance and consumer rights. United Policyholders United Policyholders is a nonprofit whose mission is to be provide trustworthy and useful information for consumers of all types of insurance across the country. The organization doesn't sell insurance or take money from insurance companies. United Policyholders aims to help guide people buying insurance and navigating claims. United Policyholders Contact by mail: 917 Irving Street, Suite 4, San Francisco, CA 94122 Email: info@ After the Fire USA After the Fire USA was created following a devastating wildfire in Northern California in 2017 to address the national needs of wildfire victims. The organization says it works in two ways: as a nonprofit and a consulting arm to help stabilize the nonprofit wing financially. Since November 2018, After the Fire USA has focused on organizing people to problem solve, advocate, and help communities recently impacted by fires find a path to recovery. The organization also mentors leaders in wildfire affected areas with design and recovery efforts. California Department of Insurance The California Department of Insurance is part of a national system of state-based insurance regulation, with consumer protection being a core mission. Insurance Commissioner Ricardo Lara currently leads the department. The agency functions include overseeing insurance solvency, licensing agents and brokers, conducting market conduct reviews, handling consumer complaint and investigating and prosecuting insurance fraud.
