Last year, Governor Newsom called for swift regulatory action strengthen and stabilize the California market with a focus on creating a better rate approval process, building a stronger FAIR Plan, and accelerating the implementation of regulations.
Last month, the Newsom administration released a proposal increase the transparency and speed of approval timelines for rate change requests, while remaining consistent with Proposition 103's consumer protections against excessive, inappropriate, and unfairly discriminatory insurance rates.
Nationwide Insurance Rates have been increasing due to the impacts of the climate crisis. California rates have been below the national average and significantly lower than other states, with an average annual cost for homes of $300,000 in:
- California โ $1,405
- National โ $2,601
- Shingles โ $3,851
- Florida-$4,419
