California Looks To Reduce Insurance Costs With New Wildfire Regulations

In order to reduce insurance costs, California has established new wildfire safety regulations that credit residents and companies for their efforts in preventing and preventing wildfires.

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According to Insurance Commission Ricardo Lara’s regulation, insurance companies must submit updated rates that take into account the advantages of safety measures like modernized roofs and windows, defensible space, and neighborhood-wide initiatives.

They will also need to create a procedure for notifying homeowners and businesses of wildfire risk determinations and submit revised rate filings that incorporate wildfire safety criteria.

California Looks To Reduce Insurance Costs With New Wildfire Regulations

“Protecting Californians from deadly wildfires means everyone doing their part, including insurance companies by rewarding consumers for being safer from wildfires,” said Commissioner Lara.

“The reality of climate change is driving my determination to help communities better prepare, help our firefighters save lives, and help more Californians find the insurance they can afford. My Department will work diligently to increase discounts to reward the hard work that California consumers do to protect their families, homes, businesses, and communities.”

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“Commissioner Lara’s proposed regulation will transform the insurance landscape by rewarding wildfire risk reduction, creating safer communities, and restoring access to affordable coverage,” added Amy Bach, Executive Director of United Policyholders.

“Giving people a financial incentive to do their part is a critical and fair step to getting ‘all hands on deck to save homes and lives. United Policyholders strongly supports this common-sense and sustainable solution to the property insurance problems millions of Californians are experiencing.”

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