UNINCORPORATED ESCONDIDO (KGTV) — It's a tight race to become California's new insurance commissioner, with Democratic state Sen. Ben Allen trailing former San Francisco Supervisor Jane Kim.
The outcome could have real consequences for residents of unincorporated Escondido, where I spoke with a homeowner about her insurance — specifically the FAIR Plan — in light of a new insurance commissioner coming into office in California.
Patti Newton, a resident of unincorporated Escondido, showed me the fire-resistant features she's added to her home.
"You don't have to pay somebody to do this," Newton said.
A fire burned her previous home to the ground in 1996, and her previous policy was non-renewed two years ago. She's now on the FAIR Plan, a last-resort insurance option for homeowners who can't get coverage from a private insurer.
"It's expensive. It's super basic and it requires you to have a second policy to cover everything else your liability, your personal property, those kinds of things," Newton said.
Karl Susman, an insurance expert with 34 years of experience in the field, said the market is shifting.
"We're seeing significant changes in the marketplace. People, carriers are coming back into the market. California Fair Plan went from writing around 50,000 policies a month new to last month, I think it was 2,100," Susman said.
Susman emphasized how important the insurance commissioner role is, noting that the commissioner maintains a competitive, sustainable and affordable insurance marketplace.
"There's actually a lot of good momentum right now, and I think the new incoming insurance commissioner, if they pick up on that momentum and just keep expanding on it from what I've seen, I think that's going to be a real win for consumers," Susman said.
For Newton, she hopes the new insurance commissioner can meet her needs.
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