Homeowners in a Castaic condo complex were hit with a massive rate increase for fire insurance, with rates going from roughly $40,000 a year in 2020 to nearly $450,000 in 2022.
Harvey Rosenfield, with Consumer Watchdog, authored Prop 103 in 1987, which led to stricter regulations for insurance companies in California. "Here is what I think," Rosenfield said. "I think insurance companies are taking advantage of a crisis to create their own crisis in the marketplace, by overcharging people, by refusing to renew."