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As climate change drives up the cost of home insurance, California lawmakers seek to hold oil and gas companies accountable for their role in the crisis.San Diego TodayCalifornia state senators Scott Wiener and Akilah Weber Pierson have introduced Senate Bill 982, which would empower the state Attorney General to take legal action against large oil and gas corporations to recover their share of the costs of climate change-driven weather disasters that have contributed to skyrocketing home insurance premiums across the state. The funds recovered would then be used to stabilize the state’s insurer of last resort program, protect consumers from sharp premium increases, and help people make their homes more resilient to wildfires.
Why it matters
Californians are facing a property insurance crisis, with coverage disappearing, premiums soaring, and people being forced to make difficult choices just to stay in their homes. This crisis is fueling housing insecurity, driving up rents, and even derailing home purchases when buyers can’t secure coverage. SB 982 aims to address the affordability and accountability issues at the heart of this crisis.
The details
Between 2023 and 2025, State Farm alone received approval for cumulative rate increases totaling 45%. A survey by the California Association of Realtors found that 13% of California real estate agents reported buyers backing out of transactions in 2024 due to an inability to secure property insurance. SB 982 would empower the state Attorney General to take legal action against large oil and gas corporations to recover their share of the costs of climate change-driven weather disasters that have contributed to the insurance crisis. The recovered funds would then be used to stabilize the state’s insurer of last resort program, protect consumers from sharp premium increases, and help people make their homes more resilient to wildfires.
- Between 2023 and 2025, State Farm received approval for cumulative rate increases totaling 45%.
- In 2024, 13% of California real estate agents reported buyers backing out of transactions due to an inability to secure property insurance.
- The lowest snowpack on record occurred in 2015, when levels fell to just five percent of average and California was in a historic drought.
The players
Scott Wiener
A California state senator representing communities from San Francisco to San Diego.
Akilah Weber Pierson
A California state senator representing communities from San Diego.
Senate Bill 982
A proposed bill that would empower the state Attorney General to take legal action against large oil and gas corporations to recover their share of the costs of climate change-driven weather disasters that have contributed to the insurance crisis in California.
California Association of Realtors
A survey by this organization found that 13% of California real estate agents reported buyers backing out of transactions in 2024 due to an inability to secure property insurance.
State Farm
An insurance company that received approval for cumulative rate increases totaling 45% between 2023 and 2025 in California.
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What they’re saying
“No one should be priced out of their homes because they can’t afford insurance. This bill is about making sure they aren’t.”
— Scott Wiener, California State Senator
“Californians understand the urgency. Recent polling shows strong support for holding oil and gas companies accountable for their role in the insurance crisis.”
— Akilah Weber Pierson, California State Senator
What’s next
The California State Legislature will consider and vote on Senate Bill 982 in the coming months.
The takeaway
This proposed legislation aims to address the affordability and accountability issues at the heart of California’s property insurance crisis by targeting the contributions of large oil and gas corporations to climate change-driven weather disasters that have driven up insurance costs for homeowners, renters, and small businesses across the state.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.