Senate Hopeful Pushes Insurance Revamp During California 'Gouging'.

US Representative Adam Schiff, a California Democrat running for the Senate, is advocating for a revamp of home insurance rates in response to rising costs and reduced availability of homeowners' policies. Schiff's proposal focuses on reinsurance, a method insurers use to transfer risk to other companies. He introduced a bill in January that would create a federal reinsurance option, requiring insurers to offer comprehensive coverage for natural disasters. The insurance industry has opposed Schiff's plan, arguing that it could incentivize people to live in high-risk areas. While the outlook for the proposal is uncertain, Schiff believes there is potential for bipartisan support. [Extracted from the article]