Local insurance agents say they’re hopeful that planned new state regulations will allow them to write more home insurance policies, but say the future is still uncertain when it comes to access and affordability for residents who need to protect their homes from natural disasters.
Hundreds of thousands of homeowners have seen their insurance policies not renewed in recent years in California, including about 15,000 in Santa Cruz County, after the largest carriers in the state balked at what they said were rising costs due to increasing environmental disasters such as wildfires and floods. That has left many homeowners with fewer and more expensive insurance options.
Under pressure from consumer groups and the industry, Insurance Commissioner Ricardo Lara announced new regulations late last month that his office says will restore stability to the insurance market and expand home insurance coverage, starting later this year…