In a recent interview with KCBS Radio, "Higher Premiums, Lower Coverages—California's New Fire Insurance Regulations," Michelle Meyers, Counsel of Singleton Schreiber shared critical insights into California’s new fire insurance regulations and the broader challenges facing homeowners seeking coverage. She explained that while the new rules permit insurers to use catastrophe models to set higher rates, they lack transparency and accountability, leaving many homeowners vulnerable to rising premiums and inadequate coverage.
Michelle highlighted the stark disconnect between insurers' claims of financial strain and their soaring profits, stating "The property casualty industry made $8 billion in profits last year, with an 800% profit increase in the first half of 2024. The narrative of financial hardship doesn’t align with these numbers. There must be accountability and transparency in how risks and premiums are calculated."
