California is moving 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.
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.
American Property Casualty Insurance Association Vice President Mark Sektnan said the regulations “send a strong signal” to property owners to better prepare for wildfires, “but more needs to be done to manage the increasing climate-induced wildfire risk in California while also protecting the accessibility and affordability of insurance.”
The state's firefighting agency said the retrofits and landscaping requirements to individual properties will augment the $300 million the state is spending to prepare communities for wildfires.
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