California is facing an insurance emergency. Our state is no longer affordable, livable or workable. According to the California Department of Insurance, insurance companies declined to renew 2.8 million homeowner policies in our state between 2020 and 2022. Wildfire-related losses now exceed $30 billion — and the state’s outdated insurance system is failing the very people who need it most.
Stephen J. Cloobeck, a Democratic candidate for Governor and successful business leader, has unveiled a bold and immediate plan to stabilize the insurance market, lower costs, and restore confidence in homeownership across the state.
“Without insurance, you can’t get a mortgage. Property values collapse. New homes can’t be built. It’s that simple — and that urgent.”
— Stephen J. Cloobeck
The Cloobeck Insurance Plan
Details of Cloobeck’s Insurance Plan: A 4-Part Plan to Reset, Reform, and Reimagine California’s Home Insurance System
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Regulatory Modernization
- Launch a state-based reinsurance program
- Introduce catastrophe bonds and predictive risk modeling
- Streamline the rate approval process
- Keep the California FAIR Plan solvent and accessible as a true last resort
- Promote risk-sharing models that protect both homeowners and insurers
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Wildfire Mitigation Efforts
- Expand home hardening grants and defensible space programs
- Reward fire-resistant upgrades with premium discounts
- Offer tax incentives to communities that adopt fire mitigation standards
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Public-Private Partnerships
- Use California’s economic scale as the 4th largest economy in the world to forge real-time data-sharing partnerships
- Pool reinsurance efforts across sectors
- Advocate together with insurers for federal support
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Strengthening Consumer Protections
- Require multi-year guarantees on policies
- Mandate advance notice of policy changes
- Crack down on abrupt market exits and unfair non-renewals
Day One: Cloobeck’s Home Insurance Summit
On his first day in office, Stephen J. Cloobeck will convene a statewide Home Insurance Summit — bringing together insurers, consumer advocates, homebuilders, and financial institutions to negotiate a California Home Insurance Guarantee:
A real solution Californians can count on.
“Insurance policy is a business negotiation. And California is holding a winning hand — a 40-million strong consumer market.”
— Stephen J. Cloobeck
Read More
Learn more and read our latest press release about what’s ahead for California.
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California homeowners deserve better. Let’s fix this — together.
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