Under the new rules, which are slated to be completed by December 2024, insurers will be able to raise premiums based on current and future risks as long as they agree to provide a certain share of coverage in areas vulnerable to fires. Credit: Ringo H.W. Chiu Under the new rules, which are slated to be completed by December 2024, insurers will be able to raise premiums based on current and future risks as long as they agree to provide a certain share of coverage in areas vulnerable to fires. Credit: Ringo H.W. Chiu

(Bloomberg) — California is prioritizing home insurance availability as it rewrites market rules to coax back insurers and ease a coverage crunch in a state ravaged by wildfires, said state Insurance Commissioner Ricardo Lara.

“In order for us to get to affordability, we have to get to availability first,” he said in an interview with Bloomberg Television.

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