"Gov. Gavin Newsom noted that insurance companies are returning or expanding coverage in California in his final State of the State speech, but acknowledged that there is still "a lot of work to do here." His latest budget includes a financing program to help survivors of wildfires bridge the gap between insurance payouts and the costs of rebuilding. "This will help get survivors back in their homes much, much faster," he said."
"This was one of the laws Dave Jones, former state Insurance Commissioner from 2011 to 2018, thinks will have the greatest impact for Californians. Creating "the list" following a catastrophic loss was emotionally taxing and logistically difficult for many people. As commissioner, he said, his office got insurance companies to voluntarily reimburse people for up to 50% of coverage limits for personal contents. He was glad to see this codified in law and raised to 60%."
Gov. Gavin Newsom said insurance companies are returning or expanding coverage in California and included a financing program to help wildfire survivors bridge gaps between insurance payouts and rebuilding costs. He said the financing program aims to speed recovery and reduce rebuilding delays. Many Californians still face high insurance premiums that threaten housing affordability across the state. SB 495 eliminates the long-standing requirement that wildfire survivors submit a detailed inventory of destroyed belongings to receive reimbursement, requiring insurers to pay 60% of contents limits, capped at $350,000, for qualifying total-loss claims and 100% for customers who can provide a detailed list. Former state Insurance Commissioner Dave Jones said creating "the list" after catastrophic losses was emotionally taxing and logistically difficult and welcomed codifying higher automatic reimbursement. SB 429 funds the nation's first publicly available wildfire loss catastrophe model, creating resources for risk assessment and planning.
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