The California Department of Insurance published a press release announcing the signing of Senate Bill 495, which provides protections to policyholders affected by a declared emergency.

The Bill will require insurers to pay 60 percent of personal property coverage limits without requiring a detailed inventory to insureds who suffer a total loss during a declared emergency. There is a cap of $350,000. Policyholders will have 100 days to prepare their detailed inventory.

Currently, the law requires insurers to pay 30 percent of dwelling coverage limits with a cap of $250,000, and policyholders are given 60 days to provide a detailed inventory and submit proof of loss. The Department felt this was unfair to insureds, especially with the recent wildfires, where insureds may not have had access to their property for a long period of time.