There have been clear signs for many years that serious problems were brewing in the home insurance industry. In some cases, the consequences for failing to promptly address this crisis have had significant impacts across California’s economy, with ramifications spilling into the real estate, construction, and financial services sectors.
Following extensive media coverage of an increasing number of home insurance cancellations and rapid growth in the state’s safety-net insurance option, the Little Hoover Commission launched a study to examine California’s home insurance market.
In November 2024, the Commission released its report,, which makes eleven recommendations for reforms intended to help bring stability to the market, reduce the cost of homeowners insurance and increase its availability, including public oversight of catastrophe modeling, the inclusion of mitigation efforts in underwriting models, and the creation of a core set of evidence-based mitigations for homeowners and communities.
ϴhighlights the urgent need to accurately price hazard risk while balancing affordability, advancing risk mitigation through smart land-use planning, and establishing voluntary buyout programs for high-risk properties. Learn more about SPUR's recommendations here. You can also
Speakers:
- Moderator: Sujata Srivastava / Chief Policy Officer, SPUR
- Ethan Rarick / Executive Director, Little Hoover Commission
- Pedro Nava / Chair, Little Hoover Commission
- Anthony Cannella / Vice Chair, Little Hoover Commission
- Michael Gunning / Chief Strategy Officer, Lighthouse Public Affairs
Digital Discourse Recording