California bans insurers from dropping coverage for 2.1 million homes in fire-stricken areas

With parts of California still smoldering, the state Department of Insurance has issued a one-year moratorium prohibiting insurers from canceling or not renewing about 2.1 million homeowners’ policies, the second consecutive year policyholders in or near fire-stricken areas have gotten a temporary measure of relief.



a close up of a stone building: The remains of a burned home in the Bobcat fire in the Angeles National Forest in Juniper Hills. (Allen J. Schaben / Los Angeles Times)


© Provided by The LA Times
The remains of a burned home in the Bobcat fire in the Angeles National Forest in Juniper Hills. (Allen J. Schaben / Los Angeles Times)

The move will temporarily protect homeowner policies in select ZIP Codes from Siskiyou to San Diego counties.

“Losing your insurance should be the last thing on someone’s mind after surviving a devastating fire,” said Insurance Commissioner Ricardo Lara in a statement Thursday. “My action gives millions of Californians breathing room and hits the pause button on insurance non-renewals while we take additional steps to expand our competitive market.”

Repeated, destructive wind-driven fires in

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San Francisco condos are the Bay Area’s weakest real estate market. So why aren’t home prices dropping more?

San Francisco is the softest spot in the Bay Area’s mostly booming real estate market, and its condo segment is weakest of all.

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San Francisco condos are the Bay Area’s weakest market. So why aren’t prices dropping more?

San Francisco is the softest spot in the Bay Area’s mostly booming real estate market, and its condo segment is weakest of all.

Inventory has been growing faster than sales, and price reductions — mostly in the condo segment — “have hit very high numbers,” said Patrick Carlisle, chief market analyst for the Compass real estate brokerage firm. So why hasn’t the median price for a San Francisco condo shown a bigger drop?

The median price paid for a San Francisco condo fell to $1.25 million in the third quarter, down just 2% from the third quarter of 2019, according to Carlisle. The median price for a single-family home rose 5.2% to $1.66 million.

The big reason condos didn’t drop more: Sales of two-bedroom units went up considerably — to 330 from 230 — year over year, while the number of one-bedroom condo sales dropped slightly, to 186 from 183.

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