Insurance Commissioner Ricardo Lara convened an Investigatory Hearing on October 19, 2020 to take public input on the impact of wildfires on the availability and affordability of residential insurance.
At the October 19 hearing, the Commissioner announced he will take further regulatory actions that will allow homeowners to find and keep their residential property insurance while enhancing competition and availability in the insurance market.
In furtherance of some of these actions, the Commissioner will now convene a virtual meeting with fire and home hardening experts as well as wildfire catastrophe modeling experts regarding potential administrative and regulatory changes to enhance existing home-hardening standards and models that are based in fire science to protect lives and property.
This meeting will involve a technical, science-based review of two questions raised during the October 19 hearing:
1) How – if at all – would the use of catastrophe modeling in ratemaking help to make homeowners’ insurance more affordable and more widely available to homeowners?
2) How can wildfire mitigation reduce the spread and risks of future wildfires?
All members of the public are invited to view this meeting and also to provide written comments following the conclusion of the meeting. A link to the meeting, which will be held on December 10 at 9:30am is directly below.