California Set to Launch First Public Wildfire Model for Home Insurance | Insurify
When it comes to assessing a home's wildfire risk in
State legislators passed a bill on
"My bill establishes a public wildfire catastrophe model to simulate property damage from major wildfires," said
The Wildfire Safety and Risk Mitigation Program comes less than a year after the
Since the regulation change in
"Insurance companies' private models penalize consumers with higher prices and non-renewals but refuse to explain how they calculate wildfire risk," said
As insurers flee and prices increase, many homeowners haven't been able to find affordable coverage through a private insurance company, turning instead to limited coverage from
What's next? Legislation heads to
The department is then responsible to "provide recommendations to the
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