Two of California's largest home insurance providers are freezing sales of their home policies, triggering calls of extortion by a local watchdog group.
The state's largest home insurance provider, State Farm, had already announced the same decision last month. Both companies are blaming climate change and inflation, saying they can't make money here.
Rosenfield is the author of California's Proposition 103, which has been regulating the state's insurance companies since the proposition was passed 35 years ago. He said Prop 103 allows insurance companies to charge a reasonable rate and make a reasonable profit. Historically, the Department of Insurance has seen companies pause and then re-start writing policies as conditions change. More than 115 insurance companies currently offer California homeowners' insurance. The Department of Insurance is driven to ensure consumers have the most options to meet their insurance needs.
"If he does not enforce the law, this will become a tsunami and it will have a devastating impact on California consumers and upon the economy," Rosefield said.
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