Invitation to a Public Workshop on Proposed Wildfire Insurance Regulation Changes
On Tuesday, March 30th The California Department of Insurance will conduct a public workshop regarding a proposed regulation requiring consideration of property-level and community-level wildfire risk mitigation in rating plans and risk models.
The new rules would require insurance companies to provide a consumer with their property’s wildfire risk score, which must recognize a consumer’s mitigation actions that could improve their rating, such as creating defensible space and fire-hardening, and allow time for the consumer to reduce their score. The new regulations will incentivize mitigation and help consumers make better-informed decisions when they buy, sell, or build a home.
Residents are invited to participate in the public discussions. The purpose is to provide interested and affected persons an opportunity to present statements or comments regarding the contemplated regulation changes.
A statement by California Insurance Commissioner Ricardo Lara regarding the proposed regulation changes:
“I have consistently heard from consumers that many insurance companies keep them in the dark about their property’s risk profile, leading people to spend thousands of dollars cutting down trees or hardening their homes without truly knowing how it will affect their insurance,” said Commissioner Lara. “Giving consumers their wildfire risk scores and the ability to lower them will incentivize the home-hardening and community mitigation efforts already underway to better prepare us for future wildfires.”
Participants are also invited to submit written statements and are encouraged to provide supporting documents and materials as well. Please submit any written comments via electronic mail to Alec.Stone@insurance.ca.gov by March 30, 2021.
Workshop Details:
Date: Tuesday, March 30, 2021
When: 1:00 PM - 5:00 PM
Where: Virtual Zoom Meeting
For additional information please see the following links:
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