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Insurance companies are leaving California rapidly, leaving many residents needing help to afford or obtain home insurance as rates increase. This crisis directly impacts our building industry and makes homeownership more difficult for families statewide, making homeownership unattainable.
WHAT'S AT STAKE:
Loss of Coverage: As insurance companies continue to exit California, homeowners have fewer choices with partial or no coverage.
Soaring Premiums: The doubling or tripling of insurance rates is not just a statistic. It's a financial burden that many homeowners in California are facing.
Partial Coverage: Several renewed insurance policies don't adequately cover the cost of rebuilding or repairing their homes, leaving families vulnerable in a disaster.
Impact/Loss on Homeownership: Rising premium costs are making homeownership increasingly unattainable for many Californians, which discourages potential buyers.
Housing Market Disruption: As homeowners face unaffordable insurance rates, there is a growing risk of displacement. Families may be forced to move away from their communities.
TAKE ACTION
As members of BIASC, your voices matter and can make a difference in resolving this crisis. Here’s how you can help.
Please click the link below to urge your local elected officials to support passing an emergency resolution. We need the Insurance Commissioner, the Governor, and the State Legislature to declare a state of emergency and pass immediate regulatory and legislative measures to reform these policies.
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