In recent years, destructive wildfires across California prompted some insurance companies to stop writing new policies for high-risk areas. Now, California is implementing a new regulation requiring home insurers to offer new policies in fire-prone areas if they want to remain in the state, California Insurance Commissioner Ricardo Lara announced Monday, Dec. 30 .
This is the first regulation of its kind in California.
“Californians deserve a reliable insurance market that doesn’t retreat from communities most vulnerable to wildfires and climate change. This is a historic moment for California,” Lara said in a statement…