SB495 amends the California Insurance Code to enhance insurance coverage and reporting requirements for residential property insurance in.
SB495 amends the California Insurance Code to enhance insurance coverage and reporting requirements for residential property insurance in wildfire-distressed areas. The bill allows insurers to offer advance payments for contents coverage up to $350,000 for residential properties damaged by a state of emergency. Insurers may require an attestation form from policyholders to receive this advance payment. The bill also mandates insurers to provide policyholders with at least 12 months to collect the full replacement cost for damaged property.
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- Impact
- Legal Framework
- Critical Issues
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