San Mateo County supervisors passed a resolution on Oct. 8 asking California officials to declare a state of emergency due to the lack of homeowner’s insurance in the state after dozens of companies stopped writing policies in recent years.
“At this point, it’s not an exaggeration to say the state’s facing an insurance crisis of both affordability and availability,” Supervisor Ray Mueller said while introducing the resolution at the board meeting.
Insurance companies became more reluctant to write policies in the Golden State after losses from wildfires skyrocketed over the past seven years. And strict regulations that limit premium increases are contributing to an exodus of insurers from California, according to the industry….