California Insurance Commissioner Ricardo Lara said on Friday that he and the California Fair Plan have agreed to establishing a new high value commercial coverage option with limits up to $20 million per building and other steps that he said will modernize the state’s “insurer of last resort.”
The changes are part of Lara’s so-called Sustainable Insurance Strategy intended to stabilize the California homeowners insurance market and address the insurance crisis.
Carriers are pulling back from the state