Subscribe to INT Podcast
|January 21, 2018|
Wildfire victims face loss of insurance
SACRAMENTO – (INT) – There’s been an outcry from California homeowners facing insurance cancellation and non-renewal of their policies after California’s two recent fire storms.
Homeowners in both rural and urban areas have reported losing insurance, even in areas traditionally considered low-risk for wildfires.
Senator Ricardo Lara (D-Bell Gardens) says the Wildfire Safety and Recovery Act comes in response to the “new normal” of extreme wildfire risk.
“Fires are still smoldering in Southern California but the threat of losing your insurance is just starting for homeowners across the state,” Lara warned.
The Wildfire Safety and Recovery Act would:
• Prevent insurance companies from dropping or non-renewing customers following a wildfire disaster.
• Require insurance companies to offer mitigation discounts and continued coverage to homeowners who make investments in wildfire safety.
• Require approval by the Department of Insurance before insurance companies reduce the volume of policies in high-risk areas, in order to minimize market disruptions for homeowners and communities.
California could join states including Arkansas, South Carolina, Texas, New York and Florida that prohibit or limit insurance companies from cancelling or non-renewing policies following a natural disaster.
Story Date: January 15, 2018