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California's Insurance Commissioner Ricardo Lara has issued a response following State Farm's decision to not renew 72,000 homeowner's policies in the state. The announcement has sparked concerns among policyholders, prompting Lara to address the situation and provide guidance for affected individuals.
Ricardo Lara says stricter regulation is not the answer. He points out that when the Legislature passed new regulations after the 1994 Northridge earthquake, insurance companies stopped offering earthquake insurance in the state. State Farm is the second-largest provider of homeowner's insurance. . .
