Concerned About Losing Your Homeowner’s Insurance or Seeing Your Rates Go Through The Roof?
Stern Urges Homeowners to Tune In & Take Part In Monday Hearing by State Insurance Commissioner
SACRAMENTO – The wildfires that have ravaged the 27th Senate District and so many other areas of California haven’t just taken lives, destroyed tens of thousands of homes, and burned millions upon millions of acres of land. They’ve also driven the cost of homeowner’s insurance through the roof or, in some cases, made insurance nearly impossible to get.
“The climate emergency is going to continue to hit families and businesses in the Wildland Urban Interface (WUI) areas particularly hard and could, if something isn’t done, make homeowner’s insurance cost prohibitive,” said Henry Stern (D-Los Angeles), the chairman of the Senate Natural Resources & Water Committee. “Hundreds of thousands of homes are built in areas at risk for wildfire up and down this state. Monday’s hearing is the first step to getting a handle on the insurance piece of this problem, so I really hope people can to tune in and take part.”
On Monday, October 19, from 1:00pm to 5:00pm, Insurance Commissioner Ricardo Lara will hold a hearing to examine, among other things, (1) Why insurance rates are going up at the same time many insurers are refusing to renew policies, and (2) Why many insurance companies won’t take homeowner wildfire mitigation efforts into account when setting insurance rates.
“People spend thousands of dollars to fire-proof and create fire-resistant areas around their homes, and it’s frankly pretty frustrating if insurance companies are refusing to take those safety investments into account when they’re setting rates,” continued Stern.
Whether people want to testify or just listen to the hearing, they need to RSVP to CDIRegulations@insurance.ca.gov. Those who RSVP will be sent an on-line invitation, allowing them to listen to or testify at the hearing.