This bill tackles California’s insurance crisis by capping annual homeowner insurance rate hikes at the lower of the national average or 7%. AB 567 will stabilize the collapsing insurance market by eliminating costly state regulations, investing $1 billion per year into wildfire risk reduction, and offsetting high premiums through rebates and tax relief. The bill also calls for a national reinsurance program to help insurers remain solvent and competitive, ensuring more Californians can access affordable, private coverage instead of being dumped into the overpriced FAIR Plan.
