Insurance Renewal Latest
Later this month, the California Assembly Insurance Committee will hear Assembly Bill 2367 (AB2367), which was introduced on February 18 by Assembly Members Monique Limon from Santa Barbara County and Lorena Gonzalez from San Diego County.
The bill would, in part, create a Wildfire Resilience Task Force, which would include the Insurance Commissioner, the Director of the Office of Emergency Services, and the State Fire Marshal, or their designees. The bill would require the task force to establish minimum standards for fire-hardened homes and communities, and would authorize the Insurance Commissioner to promulgate regulations to implement specified exceptions to those standards, making it more difficult for insurers to implement non-renewals, which we’ve seen increase sharply following wildfires across the state.
The bill would require an admitted insurer that offers or sells residential property insurance to, at a minimum, offer or sell the existing residential property insurance coverage it most commonly offers or sells to an applicant or insured who owns a residence that has an estimated replacement cost consistent with the insurer’s underwriting guidelines.
It’s expected that the bill, which could have a positive effect on those looking to buy insurance in fire prone areas of Montecito, will be heard on March 20.
For more about insurance issues in Montecito, visit www.montecitoassociation.org.