One major insurance providers in California is proposing new rules for home policies that could make it harder for homeowners and business owners to get coverage.
Major Insurance Providers Imposed New Rules
The San Francisco Standard reports that the United Services Automobile Association (USSA), one of the major insurance providers in California, has imposed new rules for wildfire safety for all home business owners.
However, the proposed rules from one of the major insurance providers were vague enough for the homeowners to know what kind of impact might affect them with this sudden change might have.
New Homeowner Policy by Major Insurance Providers
According to the Insurance Business article, the USAA, one of the major insurance providers, will only issue home business owners policies if the home has a wildfire risk score of 1-32 points on the scale; the higher the number on the scale, the greater the wildfire risk is. The article also stated that this new policy will start in March 2024.
Previously, two of the major insurance providers, USAA Casualty Insurance Company and Garrison Property and Casualty Insurance Company, also stated that they would only accept new applications for home business owners if the customer is replacing an existing policy
This news has filled the latest bad news in business owners in California as major insurance providers have been imposing new rules.