On December 13, 2024, Commissioner Lara announced the catastrophe-modeling and ratemaking regulation was filed with the Secretary of State. The workshops drew more than a thousand comments. The rule requires models to credit home hardening and community mitigation — something the old regulations could not do.
On December 30 he finished the companion piece: a net-cost-of-reinsurance regulation that, for the first time, lets carriers reflect reinsurance in Prop 103 rates, with a cap, and again ties that permission to writing in high-risk areas.
For a house in San Diego County the practical read is simple. More carriers may quote. The quote may still be higher than 2019. A FAIR Plan plus wrap is still the backup. Keep the roof documentation and the defensible space photos. Those files now feed the model instead of sitting in a drawer.
If this is on your renewal, call the office at (619) 420-8600 or start a quote. We will tell you what the market will actually write.
Sources: CDI, December 13, 2024; CDI, December 30, 2024.