Insurance Journal: Wildfire Insurance Bill Signed by California Governor
California Gov. Jerry Brown on Monday signed into law a bill that is intended to combat what are believed underinsurance issues revealed by 2017 wildfires.
AB 1797 by Assemblyman Marc Levine, D-Marin County, is expected to create a requirement for insurers writing residential property insurance to conduct a replacement cost estimate on an every other year basis.
“We heard from wildfire survivors about the devastating realization of being underinsured due to inaccurate or outdated replacement cost models used by insurers,” Levine said in a statement. “After facing the most destructive wildfires in state history, Californians should not have to begin the recovery process underinsured. California has prioritized protecting consumers and helping prevent underinsurance.”