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California Will Require Insurance Companies To Offer Coverage In Wildfire Zones
An anonymous reader quotes a report from Fast Company: Insurance companies that stopped providing home coverage to hundreds of thousands of Californians in recent years as wildfires became more destructive will have to again provide policies in fire-prone areas if they want to keep doing business in...
Major insurers like State Farm and Allstate have stopped writing new policies in California due to fears of massive losses from wildfires and other natural disasters. Insurance companies typically buy reinsurance to avoid huge payouts in case of natural disasters or catastrophic loss. "Californians deserve a reliable insurance market that doesn't retreat from communities most vulnerable to wildfires and climate change," Lara said in a statement.
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