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Little Hoover Commission urges mitigation accounting, stronger model oversight and better homeowner information for troubled insurance market
Summary
The Commission’s homeowners insurance report recommends insurers account for mitigation in underwriting and catastrophe models, calls for stronger independent oversight of catastrophic models, and urges improved homeowner information, grants for hardening, and a shared property-data commons.
The Little Hoover Commission presented policy options Friday to address a homeowners insurance market reshaped by wildfire: insurer exits, dropped policies and rapid growth in the FAIR Plan.
Tamar Foster, presenting the Commission’s late‑2024 homeowners insurance study, described a market in which many homeowners struggle to find affordable coverage and some are dropped from policies, forcing reliance on the FAIR Plan. Foster said the Commission issued 11 recommendations and that recent 2024 regulations addressed parts of the Commission’s proposals but did not go as far on two items the report…
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