"Assembly Bill 376 allows insurance companies to exclude wildfire coverage from homeowner policies, essentially freeing those companies from that liability in high-risk areas. The law also provides that insurance companies can offer supplemental wildfire coverage through separate policies, ostensibly letting homeowners decide whether they want just basic coverage or to purchase home and wildfire coverage separately. "The bill addresses an urgent and important matter facing many homeowners in my district and, actually, statewide both north and south," Republican Assemblymember PK O'Neill of Carson City, who co-sponsored the bill, told members of the Nevada Assembly Ways and Means Committee last May."
"O'Neill continued to explain to the committee that many Nevadans are "facing cancellations of their homeowners insurance policies" and that some cannot complete the purchase of a home because they can't get insurance, and others still can no longer afford premiums. The solution, he said, was to work with insurance industry representatives to find a way that could make insurance available, and perhaps more affordable, again to homeowners."
Assembly Bill 376 permits insurers to exclude wildfire coverage from homeowner and homeowners association policies and to sell supplemental wildfire coverage as separate policies. The change creates an option for insurers to limit liability in high-risk wildland-urban interface areas while allowing homeowners to purchase wildfire protection separately. Reactions in high-value, at-risk communities such as Incline Village are mixed. Concerns include policy cancellations, inability to complete home purchases because coverage is unavailable, and unaffordable premiums for some homeowners. The law was presented as a measure to restore availability and potentially lower costs. California offers a FAIR Plan backstop for residents who cannot obtain private coverage.
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