What insurers need to know about California's fire, insurance overhaul

New bills in front of the California state legislature both add to and further clarify existing insurance policies.

By Guy Kopperud | December 27, 2018 at 12:00 AM

More than 9,000 wildfires burned across California in 2017 and destroyed over 10,800 structures. Once the dust settled, policymakers reassessed existing legislation to better protect property owners in the future, prompting significant changes for insurers.

These new bills both add to and further clarify existing policies that call upon insurance carriers to adjust their processes and evaluations. In doing so, they hope to give property owners a timely summary of their coverage and better prepare them for the costs associated with rebuilding. The handful of bills passed from July to September of this year could pave the way for renewed regulation in states facing an increased risk of natural disasters.

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