California AB2038 extends the moratorium on residential property insurance cancellations and nonrenewals following wildfires.

California AB2038 extends the moratorium on residential property insurance cancellations and nonrenewals following wildfires. Insurers cannot cancel or refuse to renew policies for properties within or adjacent to the fire perimeter for two years after a state of emergency declaration. Insurers must offer at least 36 months of coverage for properties with total losses due to wildfires. The bill also mandates that insurers consult with policyholders to adjust coverages and premiums based on changes in exposure to loss.

California AB2038 extends the moratorium on residential property insurance cancellations and nonrenewals following wildfires.

California AB2038 extends the moratorium on residential property insurance cancellations and nonrenewals following wildfires. Insurers cannot cancel or refuse to renew policies for properties within or adjacent to the fire perimeter for two years after a state of emergency declaration. Insurers must offer at least 36 months of coverage for properties with total losses due to wildfires. The bill also mandates that insurers consult with policyholders to adjust coverages and premiums based on changes in exposure to loss.