A newly introduced California wildfire recovery legislative package proposes new requirements for property insurers. Among other obligations, the series of assembly and senate bills includes additional requirements for insurers to conduct replacement cost estimates, provide complete policy documents to insureds upon request, make mandatory replacement cost offers, and participate in the Consolidated Debris Removal Program.
Additionally, the bills propose a clarification of the insured’s right to collect full replacement cost of their home and the scope of additional living expenses coverage. Finally, the package offers an extension of the time allowed to rebuild and collect full replacement costs from two to three years.
The package includes Assembly Bill 1772, AB 1797, AB 1799, AB 1800, AB 1875, Senate Bill 897, and one bill yet to be numbered. The bills will reach the committee stage beginning in early February 2018.
For any questions or updates regarding the California wildfire recovery legislation please contact Westmont Associates, Inc.
Contact Westmont Associates, Inc.
Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services. If you have any questions, please contact us.