CalRHA Urges Expedited Action on Property Insurance

CalRHA Updates,

CalRHA issued the press release below calling on Insurance Commissioner Lara to expedite solutions for stabilizing California's property insurance. 

This was in response to Lara's announcement earlier this week regarding the regulatory process and timeline for adoption. 

SACRAMENTO, Calif. – The California Rental Housing Association (CalRHA) commends California Insurance Commissioner Ricardo Lara for taking action and proposing regulations to stabilize the property insurance market.

Proposed regulations aim to streamline submission requirements, ensure timely delivery of crucial information, and mandate that insurers provide necessary data for the Insurance Commissioner's assessment of rate appropriateness to verify they are not excessive, inadequate, or unfairly discriminatory.

“Rental property owners who provide housing for millions of Californians have been overly burdened by the sharply increasing costs of homeowners insurance and long delays in processing coverage policies, ultimately causing us to carry the financial burden,” said Earle Vaughan, CalRHA President. “We appreciate the Insurance Commissioner engaging to find a solution and urge him to expedite the process.”

Commissioner Lara is now receiving public comment on the regulations. Anyone may submit written comments to the Department of Insurance until March 26, 2024, at which time the Commissioner will hold a public hearing.

We look forward to working with Commissioner Lara to address California’s increasingly complex and costly insurance market.

About CalRHA
The California Rental Housing Association represents 25,000 members totaling more than 676,000 units, made up of small, medium and large rental housing owners throughout the State of California.

California Rental Housing Association
1121 L Street, Suite 105 | Sacramento, CA 95814