"Known as the Insurance Coverage for Fire-Safe Homes Act, it would require insurance companies to offer or renew insurance for properties that meet wildfire safety standards set by State Insurance Commissioner Ricardo Lara. The safety standards include home-hardening upgrades - like sprinklers and closing off the eaves under a roof to prevent the collection of burning embers - and defensible space requirements designed to reduce fire risk."
"In the year before the Los Angeles area conflagration, California's property insurance crisis deepened with a series of catastrophic wildfires, and insurance companies responded by closing the door to new policies and canceling existing ones. The state's largest insurers cited fire risk with smaller carriers also leaving the state, and the state's insurer of last resort, the Fair Access to Insurance Requirements Plan, picking up a flood of new policies in their wake."
Senate Bill 1076 would require insurance companies to offer or renew policies for properties that comply with wildfire safety standards established by the state insurance commissioner. Safety standards include home-hardening upgrades such as sprinklers and closing eaves to block embers, plus defensible space rules that remove combustible materials within five feet of a home. The legislation would authorize the state insurance commissioner to bar noncompliant insurers from participating in home and auto insurance markets for five years. The measure responds to a deepening property insurance crisis after catastrophic wildfires, with the FAIR Plan absorbing a large influx of homeowner policies and exposure.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]