CA Urges Insurers to Make Issues Simpler for LA Wildfire Victims
California Insurance coverage Commissioner Ricardo Lara (D) issued a notice to residential property insurance coverage firms within the state urging them to transcend their authorized obligation and pay policyholders affected by the wildfires final month in Southern California 100% of their private property protection limits with out requiring them to itemize the whole lot they misplaced. The discover, which doesn’t have the drive of legislation, gave insurers till Feb. 28 to tell the Division of Insurance coverage by Feb. 28 whether or not they are going to adjust to Lara’s request.
On Jan. 23 Lara issued a bulletin reminding insurers and adjusters that beneath the state of emergency declared by Gov. Gavin Newsom (D) because of the fires, insurers had been required to pay as much as 30 p.c of a policyholder’s contents protection restrict, as much as a most of $250,000, with out itemization. (NEW YORK TIMES)
FL Gov Requires Over $600M in Funds for House-Hardening Efforts to Decrease Value of Householders Insurance coverage
As a part of his 2025-26 budget, Florida Gov. Ron DeSantis (R) proposed spending about $590 million on a program to assist decrease insurance coverage premiums by strengthening properties in opposition to hurricanes. The finances additionally supplies $30 million for the same home-hardening program for condominiums. (WUSF)
IN Contemplating Elevating Limits on Payday Loans
A invoice into account in Indiana (HB 1174) would elevate the restrict on payday loans to $25,000 from its present degree of $825. The measure would additionally enhance the utmost rate of interest payday lenders might cost to 36% from the present 25% fee. (WRTV, LEXIS NEXIS STATE NET)
—Compiled by SNCJ Managing Editor KOREY CLARK
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