COMMISSIONER LARA PROTECTS 124,000 CALIFORNIANS ACROSS SIX COUNTIES IN SIERRA FOOTHILLS FROM NON-RENEWALS FOLLOWING WILDFIRE EMERGENCY
The following information was released by the
Mandatory one-year moratorium prevents homeowners' insurance cancellations and non-renewals following Governor's
"I am acting to protect Sierra foothill residents who have already been through a lot. Nobody should worry about losing their insurance coverage after going through a wildfire emergency," said Commissioner Lara. "This protection is needed now as we bring back insurance options to all parts of our state for those who need them the most."
Under Commissioner Lara's Sustainable Insurance Strategy, five insurance companies have announced they are staying and growing in parts of the state affected by wildfires, including three of the largest Mercury, CSAA, and
The Commissioner's ability to issue moratoriums is a result of a
Since 2019, under this residential moratorium law, Commissioner Lara's actions have protected more than 4 million homeowners. Today's order protects an estimated 124,000 policyholders in 39 ZIP Codes for one year, effective
In addition, Commissioner Lara has sponsored the Business Insurance Protection Act (SB 547, Perez and Rubio) broadening the insurance moratorium to include businesses, homeowners' associations, condominiums, affordable housing, and non-profits. SB 547 passed the Legislature with no opposition and is currently awaiting action by
Consumers can go to the
Commissioner Lara's major wildfire-related actions since taking office in 2019 include:
Implementing
Creating "Safer from Wildfires," a new insurance framework that incorporates wildfire safety measures to help save lives while making homes and businesses more resilient. Safer from Wildfires was created by a first-ever partnership between the Department and the emergency and preparedness agencies in the Governor's Administration, including
Finalizing new regulations to incorporate Safer from Wildfires in insurance pricing, driving down costs for consumers who have taken actions to protect their communities while increasing transparency about their home's or business's "wildfire risk score."
Sponsoring new insurance protections signed into law by the Governor despite opposition from insurance companies that will mean larger payouts for some claims, less red tape from insurance companies, and more help for people under evacuation orders.
Ordering the FAIR Plan, the state's insurer of last resort, to offer a more comprehensive homeowners policy as an option, which a judge upheld, as well as expanding residential and commercial coverage limits for the first time in 25 years to keep pace with increased costs.
Following
# # #
Media Notes:
On
While existing law prevents non-renewals and cancellations for those who suffer a total loss in areas subject to a declared disaster, the 2018 law established protection for those living within or adjacent to a declared wildfire emergency whether they suffer a loss or not recognizing for the first time in law the disruption that non-renewals cause in communities following wildfire disasters. Homeowners who suffered a total property loss have up to 24 months of protection from non-renewal or cancellation.
Consumers can go to the


WHAT MAINERS ARE WATCHING AND READING: THANKS TO COLLINS, MAINERS "COULD SEE THEIR PREMIUMS SKYROCKET"
Oil, gas activity stalled, Dallas Fed says
Advisor News
- When a client moves, their insurance plan needs to move, too
- A rising retirement challenge: The license to spend
- Financial stress leaves less room for retirement saving
- Giving while you’re living: 3 frequently asked questions about gifting
- Helping clients prepare for one of their biggest retirement expenses
More Advisor NewsAnnuity News
- Global Atlantic names Dan Farrelly head of IMO and IBD channels
- A rising retirement challenge: The license to spend
- What lower interest rates mean to annuity payouts
- AM Best downgrades A-Cap insurers amid financial and regulatory troubles
- Lawsuit claims Delaware Life hid billions in insurer-linked investments
More Annuity NewsHealth/Employee Benefits News
Life Insurance News