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California homeowners are bracing for higher insurance premiums as the California Earthquake Authority (CEA) announces a rate increase averaging 6.8% beginning next year. The hike, set to take effect in early 2024, comes as construction costs continue to rise, a trend that has accelerated since 2020 due to supply chain issues, labor shortages, and inflation in the building industry.
This increase marks yet another financial challenge for homeowners in earthquake-prone areas of California, where seismic activity poses a constant risk. Although earthquake insurance remains optional in the state. . .
