New Initiative for Wildfire Insurance

The Canyon ChronicleBy The Canyon Chronicle

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New Initiative for Wildfire Insurance
Ricardo Lara Announcing Insurance Initiative
October 13, 2023 At the Topanga Town Council’s September 13th meeting, a presentation/Q&A session was given by the California Department of Insurance (CDI) regarding a comprehensive Sustainable Insurance Strategy that aims to ensure that insurance options are available for all Californians, especially in high-risk areas affected by wildfires and climate-related disasters. This initiative includes transitioning homeowners and businesses from the FAIR Plan back into the normal insurance market, expanding coverage limits, and promoting wildfire safety. The CDI aims to complete the regulatory reforms by December 2024. As the Town Council receives updated information, we will pass it on to you. The Sustainable Insurance Strategy talking points include, but is not limited to: Why insurance is changing so drastically (climate change, drought, wildfire, heat, etc.). It covers current Fair Plan concerns. Executive actions to increase traditional insurance coverage in wildfire areas, and offer home hardening discounts. Re-assessment tool to allow ‘California only’ re-insurance costs. CA should not to pay for other catastrophes that happen across the nation. Modernizing the CFP to expand coverage limits to $20 million per structure, address sustainability, financial stability, and claims handling. Stronger oversight of insurance company rates and coverages. Expand broader public participation in rate review process via intervenor reform. During Topanga Safety Day on September 9th at the library, the CDI had a booth where residents could ask specific questions regarding their insurance. Direct further questions to cdipress@insurance.ca.gov; or check the CDI website, insurance.ca.gov.
The Canyon Chronicle

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October 13, 2023

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