California Insurance Commissioner Ricardo Lara said new regulations will keep homeowners insured. Some of the new efforts give insurance companies more leeway in raising rates, while allowing them to use computer modeling to forecast risk and to incorporate their own “reinsurance” costs from backup providers in setting future premiums.

California’s Department of Insurance has worked to repair the broken insurance system, but the LA fires threaten to undo the progress the state has made.

Eventually, the multiple fires in Los Angeles County will be contained. But the damage has been done, and the current estimated cost of $250 billion is likely to rise. Many would expect that insurance would cover the losses.

Los Angeles is experiencing a severe homeowners insurance crisis, with over 800,000 homes currently lacking coverage. While insurance companies are being criticized for the shortage of policies, the root cause may be a 1988 California law known as Proposition 103.

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