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New protections may help businesses from major disasters
December 1, 2020
Unfortunately, California experiences its fair share of natural disasters. From wildfires to earthquakes, many Californian residents fear for their lives and their properities whenever the news reports a major disaster.
Insurers provide “adequate and justifiable” rates for homeowners
The first provision is setting up reasonable rates for Californian residents where homeowners can afford their insurance for years to come. It’s a critical protection for homeowners as most residents have seen insurance rates skyrocket over the last few years due to the severity of the wildfire season.
Allow consumers to understand wildfire risk scores and how to reduce them
There is also a provision for insurance companies to discuss wildfire risk scores with their clients and allow the consumers to take action to reduce their scores if necessary. There may not be many actions available because the score is a vague term for your region, not necessarily your specific home.
Hardening more properties
The commissioner wants more property owners to “harden their homes,” which means they build their residence to withstand a wildfire. You would need to look into fire-resistant materials for your roof and walls. It could add up in upfront costs, but save you significant money in insurance and if the worst-case scenario happens.
All these relate more to homeowners but have implications on property owners as a whole. No one should have to suffer at the hand of mother nature herself. You should be able to adequately cover the policy for your business in the case of severe wildfire season.