California wildfires

Gov. Gavin Newsom has proclaimed a state of emergency Saturday in Butte and Tehama counties

Experts say insurers in the state are spending more in claims than what they collect from policyholders’ premiums.

SoCal Edison cut power to nearly 3,800 customers due to fire concerns.

The new rules will require insurers to carry 85 percent of their portfolios in high-risk areas, change how rates are calculated, and allow faster approval.

This follows the company limiting its sales of homeowner policies in California due to “record-breaking inflation, severe weather events, and reconstruction costs.”