Consumer Watchdog says insurance companies complaining about having to hike their rates are not telling the whole story, including that they still owe over $3 billion in refunds to California policyholders from lockdown overcharges.
Consumer Watchdog says wildfire risk scores are determined by a variety of factors. Insurance carriers weigh probability, intensity, even flying embers. but each insurance company uses its own analytics and it doesn't matter how much policies cost if the policies aren't even offered to consumers due to insurance company greed.
Consumer Watchdog President Jamie Court says Governor Newsom's recent signing of SB 1322, which will require the state's oil refineries to report monthly on the cost of the crude oil they buy and their profits made per gallon, could be a significant step in addressing the soaring price of gas in California.
Carmen Balber with Consumer Watchdog explains how a state regulation aimed to help Californians access affordable wildfire insurance is being used as a potential loophole for insurance companies to refuse to insure residents living in high-risk areas.
Liza Tucker with Consumer Watchdog warns about the special interest pork money that will go to Big Wine corporations that is tucked into the current recycling bill waiting for Governor Newsom's signature.
"That's the huge loophole in this rule that could really swallow its promises," said Carmen Balber, the executive director of the non-profit Consumer Watchdog. Balber says while the regulation sounds good on paper, it doesn't tell the whole story. "There are two parts of the insurance transaction. First, insurance companies decide if they're going to sell you coverage. And second, they decide what price they're going to charge you," Balber said.