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Board schedules May 28 hearing on wildfire disaster relief and underinsurance
Summary
The Board approved a one‑hour informational hearing for its May 28 meeting to examine wildfire recovery, property replacement‑cost shortfalls and insurer underwriting models that may underinsure homeowners after catastrophic fires.
The Board of Equalization on April 20 approved a one‑hour informational hearing to be held at the board's May 28 meeting focused on wildfire disaster relief, recovery issues and the impact of insufficient replacement‑cost estimates used by insurers.
Vice Chair Sherry Lieber moved the hearing request, citing recent reporting that “flawed algorithms and processes put homeowners at risk of being underinsured” in wildfire‑affected areas. She said the Board should examine how algorithmic replacement‑cost models, contractor availability and supply constraints affect homeowners' ability to rebuild.
Board members discussed the likely scope of the hearing and whether one hour would be sufficient. Member Deborah Vasquez and others urged broad stakeholder participation, noting local assessor offices, county officials and affected residents would need to be part of the conversation. The executive director noted staff constraints on meeting length but agreed the Board could use the hour to begin the inquiry and gather witnesses and materials for a longer follow‑up.
Board members and staff flagged several areas for the hearing agenda: how replacement‑cost estimates are calculated; whether algorithmic models account for large‑scale rebuilding price pressures (labor and materials); the status of funds created or anticipated for wildfire relief (the session referenced a Department of Finance memo indicating $0 in a particular fund’s latest posting); and options to speed recovery—logistics, supply and workforce bottlenecks were repeatedly raised as practical barriers.
Vice Chair Lieber moved to hold the informational hearing on May 28; Member Vasquez seconded. The Board approved the one‑hour hearing by unanimous roll call vote. Staff said they will coordinate invited witnesses and report back with a hearing agenda and list of proposed presenters.
Ending — Members said they expect further hearings on wildfire issues and that the one‑hour session is intended to “kick off” a deeper inquiry into insurance practices and rebuilding capacity in disaster zones.
