CA| The February 6, 2025 Notice from California Insurance Commissioner regarding personal property insurance claims for the 2025 Los Angeles wildfires. The notice aims to assist wildfire survivors by encouraging insurance companies to provide up to 100% of contents coverage limits without requiring a detailed personal property inventory. This is in response to the overwhelming challenges faced by policyholders in identifying all lost items.
Key Points:
- Legal Framework: Existing state law requires insurers to offer at least 30% of the policy limit for contents coverage, up to $250,000, without an itemized claim in cases of total loss during a state of emergency.
- Insurer Accommodations: Some insurers are offering 75% to 100% of contents limits without an inventory, allowing policyholders to recover additional benefits if they later complete a full inventory.
- Compliance Request: Insurance Commissioner Lara requests that all insurers with total loss claims inform his department by February 28, 2025, whether they will comply with providing at least 75% of contents limits without requiring an inventory.