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A home burns during the Mountain Fire in Camarillo, Calif., on Wed., Nov. 6, 2024. The fast-growing Mountain Fire in Ventura County has burned 1,000 acres and is uncontained, forcing evacuations in populated areas northeast of Oxnard. (Credit: Eric Thayer/Bloomberg)(Bloomberg) — California adopted a rule that aims to bolster access to home insurance in the state, after several major carriers retreated from the market amid growing risk of wildfires.
The rule, which takes effect Jan. 2, allows insurance providers to compute policy rates by using catastrophe models that incorporate the growing risk of climate change as well as mitigation efforts, instead of relying solely on historical disaster data, the California Department of Insurance said in a statement.
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