California Department of Insurance has proposed new rules that would require insurance companies to take homeowners’ preventative steps into account when setting premiums.
It’s far from certain the numbers will stay low. The number of California properties facing severe wildfire risk will growThree consumer groups — Consumer Watchdog, Consumer Federation of America and Consumer Federation of California —to the insurance department, pointing to what they see as a loophole: The rules require insurers to take home-hardening efforts into account when setting prices, but not when deciding whether to cover someone or renew a policy.
“This may be a situation where you kind of have to choose between doing something that’s sort of pretty good — maybe even really good — but not perfect,” said Wara.Consumer groups aren’t the only ones pushing back against the proposal. Trade organizations representing insurers have their own set of concerns.
That’s problematic, said Seren Taylor, senior legislative advocate for the Personal Insurance Federation of California, another industry trade group, because everything in insurance “is about understanding risk and having data.”
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