I did not predict this proposed solution, but it does harken to what I said would come; some form of federally backed property hazard insurance. While Congress is somewhat immobilized to pass real legislation, this one does have a chance since it is not just Californians that are experiencing sky high property insurance rates and fewer, if any, companies are even offering insurance.
Check out this article: “California Rep. Adam Schiff introduces bill to help stabilize home insurance market.”
However the bill is written, they need to be careful that it actually accomplishes what they want and is not just another way for insurance companies to pad their bottom line.
But, but, but … is this what we really want to do? Subsidize people’s risky behavior of building/living in areas that are subject to significant hazards of all types? Near or on the water, on hillsides, in wildfire zones, etc.
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.