Summary
California Governor Gavin Newsom signed a new law to help homeowners deal with the high costs of wildfire insurance. The law creates grants for homeowners to improve their properties and reduce fire risk. This move aims to stabilize the state's wildfire insurance market.
Key Facts
- California introduced a new legislative package to help stabilize its wildfire insurance market.
- A grant program under the California Safe Homes program will support homeowners in making fire safety improvements.
- These improvements include removing flammable vegetation to help protect homes from wildfires.
- Fire insurance costs have increased in California due to more frequent and severe wildfires.
- Some private insurers have raised premiums or stopped offering policies in high-risk areas.
- Many homeowners have turned to the FAIR Plan, a state-provided insurance option, which often offers less coverage.
- Governor Newsom signed multiple bipartisan bills to address the insurance market challenges.
- To qualify for the grant, homeowners must reside in high-fire-risk areas and meet certain income criteria.
