Unlike most states, California heavily regulates its property insurance market. In 1988, California voters approved Proposition 103. It said insurance companies had to get permission from the state Department of Insurance before they could raise their rates.

California will now let insurance companies consider climate change when offering policies, in exchange for a mandate requiring them to offer coverage in wildfire-prone areas, state leaders announced on Thursday.

A new plan from California's insurance commissioner aims to keep the nation's top insurers from leaving the wildfire-prone state.