California Wildfires — Consumer Watchdog Issues New Demands

California consumer advocacy group, Consumer Watchdog is pushing for reforms in insurance regulations that will force insurers to insure homes, businesses and properties whose owners have done what is needed to mitigate wildfire risk to their property.

Consumer Watchdog executive director Carmen Balber told a hearing on the insurance crisis in California by the Hoover Commission that homeowners following California’s mitigation guidelines ought to be able to secure insurance coverage. For those not knowing, the Hoover Commission is an independent state oversight agency within the executive branch.

Balber also noted that a mandate forcing insurers to provide insurance to homeowners who follow state guidelines would — in turn — get more people to harden their homes and businesses against wildfire.

Another plus, Balber said, would get people off of the state’s insurer of last resort, the FAIR Plan and it will “help stabilize the finances of the state’s insurer of last resort.”

She was also quite critical of the recent regulation overhaul proposed by California Insurance Commissioner Ricardo Lara.

Source link: Insurance Business America — https://bit.ly/43KTh2u