In San Bernardino this morning, County Supervisors hold their regular twice-monthly meeting at 10 o’clock. The five-member board is expected to adopt a resolution calling on the California Insurance Commissioner, Legislature, and Governor to declare a state of emergency and take immediate action to strengthen and stabilize the state’s marketplace for homeowners and commercial property insurance.
Increased risk of wildfires and other natural disasters caused by climate change and rising home construction costs have pushed many insurers to the tipping point. Seven of California’s largest property insurers, State Farm, Allstate, Farmers, The Hartford, USAA, Travelers, Nationwide, and Chubb recently decided to limit or stop writing new homeowners and commercial property policies in the Golden State. The move raises questions about the stability of the state’s property insurance market, which could have far-reaching repercussions affecting an already strained housing market. Passage of the Board of Supervisors resolution tomorrow aims to strengthen California’s negotiating powers as it works to keep insurance companies writing policies in the state.
More details and information on how you can participate in this morning’s meeting can be found on the board of supervisors’ agenda which you can access here: https://sanbernardino.legistar.com/View.ashx?M=A&ID=1205347&GUID=50BE12D7-4A57-4FF3-89D5-CD73F33C22A5
