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California Department of Insurance briefs Winters council on wildfire-driven changes to homeowners insurance
Summary
A Department of Insurance outreach analyst told Winters council that catastrophic wildfire risk, reinsurance costs and rising replacement costs are reshaping insurance availability and rates; she explained regulatory changes, consumer tools and pending legislation to help homeowners access coverage and dispute claims.
Dulya Sanyal, an outreach analyst with the California Department of Insurance, told the Winters City Council that rising wildfire risk, higher replacement costs and global reinsurance rates are the primary drivers of recent homeowners-insurance price increases and market withdrawals.
"It's not because only the insurance market is there. It's just there are so many other factors that goes into that part," Sanyal said, listing COVID-era inflation, replacement-cost increases and higher reinsurance premiums as major pressures on insurers.
Sanyal summarized two recent regulatory and legislative efforts. The Safer From Wildfires regulation, developed with the…
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