Homeowners' insurance
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CA insurers can now use forward-looking cat models in ratemaking. -
A separate Senate report found climate change is also increasing non-renewals.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
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The Federal Insurance Office has data collected from over 300 insurers.
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The regulations are part of a state effort to expand wildfire coverage.
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Malibu, which has 10,000 residents, posted on social media on Wednesday that the fire was 7% contained.
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The fire started Monday night, with high winds predicted for Tuesday morning.
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The insurer will conduct an audit to ensure “transparency and accountability.”
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TDI is urging legislators to incentivize more resilient housing construction.
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The estimate includes $102mn from Milton and $114mn Helene development.
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The executive will focus on securing reinsurance capacity for new programs.
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The California fire was 91% contained as of Friday.
