Senator Scott Wilk (R- Santa Clarita) delivered a letter to California Insurance Commissioner Ricardo Lara calling on him to act on the issue of rising property insurance costs and coverage drops.

While California’s troubled insurance market has been a growing problem for years, the issue is now affecting groups such as homeowners associations. In some cases, HOAs have seen their premiums increase as much as 1,000%. 

“As if life in California wasn’t expensive enough, homeowners are understandably shocked to see their insurance premiums skyrocket or see their policies dropped altogether,” said Wilk. “It is a dire situation to say the least.” 

On March 1 the Senate Committee on Insurance held a hearing on the matter, listening to experts from the insurance industry, homeowners associations (HOAs) and stakeholders. Homeowners who have had their coverage dropped can use the California Fair Plan as a last resort, however the Fair Plan can be costly and currently does not offer policies large enough to cover HOAs.

“With wildfire season on the horizon, I strongly urge the Commissioner to find solutions now to protect millions of California homeowners and prevent a complete failure of the insurance market,” said Wilk.

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