California become the first state to lower insurance costs for property owners who make improvements to reduce their fire risk, the state's insurance commissioner said.
SACRAMENTO, Calif. — California moved Wednesday to become the first state to lower insurance costs for property owners who make improvements to reduce their fire risk, the state's insurance commissioner said as wildfires again flared across the heat-stricken state.
Additional reductions would be required if the property is in a community that has taken steps to reduce wildfire risk. The pending regulations also require insurance companies to provide consumers with their property’s “risk score” and give them a way to appeal that score or classification assigned by the insurer. The California Association of Realtors said it had been long been pushing for fire risk score disclosures and praised that part of the regulation.
Seren Taylor, senior lobbyist for the Personal Insurance Federation of California, said the discounts “must be based on data that aligns the cost savings with the actual risk reduction.” He said the state must also allow insurers “to use the most advanced technology to more accurately model California’s evolving climate risk, instead of depending on existing rules that require insurers to only look backward at historical data.
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