Daily California P&C Insurance News

SB 495 requires insurers to pay 60% of contents coverage limits, capped at $350,000, to wildfire survivors experiencing total loss without an upfront item-by-item inventory. The law extends the proof of loss deadline to at least 100 days after a declared state of emergency.[1]

AB 226 authorizes the California FAIR Plan to access catastrophe bonds and lines of credit to pay claims promptly after disasters without triggering assessments on policyholders. This enhances the insurer of last resort’s ability to handle high-risk properties reliably.[1]

AB 888 establishes grants to fund fire-resistant upgrades like roofs and landscaping for homes and communities to improve wildfire protection. The program addresses costly mitigation measures amid increasing climate risks.[2]

SB 547 extends one-year non-renewal prohibitions after fires to businesses, HOAs, condos, affordable housing, and nonprofits, matching homeowner protections. This promotes stability for commercial policyholders in wildfire-prone areas.[2]

Governor Newsom issued an executive order directing agencies to accelerate solutions for California’s homeowners insurance crisis, focusing on market volatility and natural disaster mitigation. The Department of Insurance will develop strategies to stabilize availability and affordability.[4]