The Los Angeles fires have cast uncertainty over when the insurance crisis buffeting the entire state will ease, California Insurance Commissioner Ricardo Lara told the Chronicle during an interview Saturday in Santa Monica,
Los Angeles Dist. Atty. Nathan Hochman and Insurance Commissioner Ricardo Lara announced a "rapid response effort" to prevent insurance fraud after the devastating fires.
"Get off your butt and do your job," says former California Insurance Commissioner, Rep. John Garamendi to current Commissioner Ricardo Lara as wildfire damage calls into question the stability of the state's insurance market.
Workshops on Jan. 18 and Jan. 25 in Pasadena and Santa Monica will help homeowners understand their insurance policies.
Insurance Commissioner Ricardo Lara expanded emergency insurance protections for Southern California homeowners, adding new ZIP Codes to those
Insurance Commissioner Ricardo Lara has issued a one-year moratorium on home policy non-renewals and cancellations in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.
As wildfires continue to ravage Los Angeles County, concerns are mounting over the financial capacity of California's insurer of last resort, the FAIR Plan, to handle what will likely be a massive influx of fire claims.
California Insurance Commissioner Ricardo Lara said new regulations will keep homeowners insured. Some of the new efforts give insurance companies more leeway in raising rates, while allowing them to use computer modeling to forecast risk and to incorporate their own “reinsurance” costs from backup providers in setting future premiums.
But one analyst told The New York Times that insurance companies could see a drain on their reserves from this week’s wildfires. Another analyst said the number of homes in Palisades Fire ZIP codes that are enrolled in the state’s insurer of last resort, the FAIR Plan, nearly doubled last year from 2023.
A recent rule change could cause a spike in insurance premium for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in the past.
If your home or business was damaged or destroyed in a wildfire, California Insurance Commissioner Richard Lara says don't sign anything right away.
As weather conditions improve and firefighters make progress in containing the Los Angeles wildfires, hazards remain at the site of each blaze. Follow for live updates.