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Board schedules May hearing on wildfire recovery and insurers'replacement-cost concerns
Summary
The Board of Equalization voted to hold a one-hour informational hearing May 28 on wildfire disaster relief and the impact of insufficient replacement-cost estimates in California, citing recent reporting that algorithm-driven estimates may leave homeowners underinsured.
The Board of Equalization on April 20 voted to hold a one-hour informational hearing at its May 28 meeting to examine wildfire disaster relief, recovery challenges and the impact of insufficient replacement-cost estimates on homeowners and small businesses.
Vice Chair Susan Lieber moved the hearing after citing investigative reporting by the San Francisco Chronicle and coverage on KQED alleging algorithm-driven underinsurance in wildfire-prone areas. Lieber said the reporting described "flawed algorithms and processes [that] put their homes at risk of being underinsured." The board approved the one-hour informational hearing, with Member Deborah Vasquez seconding.
Members argued the hearing is timely because recent…
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