California has spent billions of dollars in recent years to build desperately needed housing for homeless and low-income tenants. Now a growing problem for the state's homeowners has hit affordable housing providers especially hard: skyrocketing property insurance rates.
Climate change has fueled more destructive weather events, including hurricanes, floods and wildfires, that have driven up damage payouts. That has also increased the price of reinsurance — or insurance for insurance companies. And inflation and higher repair costs have also driven up rates.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: