Last year, Governor Newsom called for swift regulatory action to strengthen and stabilize California’s marketplace with a focus on creating a better rate approval process, building a stronger FAIR Plan, and accelerating the implementation of regulations.
Just last month, the Newsom Administration released a proposal to increase the transparency and speed of rate change application approval timelines, while remaining consistent with Proposition 103’s consumer protections from excessive, inadequate, and unfairly discriminatory insurance rates.
Insurance rates nationwide have been on the rise due to the impacts of the climate crisis. California rates have been below the national average and significantly less than some other states, with the average yearly cost for $300,000 homes at:
- California – $1,405
- National – $2,601
- Texas – $3,851
- Florida – $4,419
