Homeowners in California are up against an insurance crisis that shows no signs of easing. Some homeowners have been lucky enough to hang onto their coverage, even as the list of insurers that are non-renewing policies and limiting new business in the state grows. However, these insureds have had to weather ever-rising rates; with hundreds of thousands of Californians predicted to see another increase before the end of 2024. According to BankRate, the major factors driving the Golden State's insurance crisis are wildfires, inflation, the high cost of reinsurance and state regulations; specifically Proposition 103. Proposition 103 requires insurers to submit rate increases over 7% for approval by the California Department of Insurance. This process can be complicated and costly for insurers, with the average approval process taking around six months. The bill was passed in 1988 with the intention of protecting consumers from arbitrary, unjust insurance rate hikes. In the slideshow above, we'll take a closer look at some of the changes and pullbacks major insurers have made in California in response to the ongoing home insurance crisis.

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