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Senate advances bill to simplify contents claims after declared disasters; insurers warn of overpayments
Summary
SB 495 would require insurers to pay 100% of personal-property coverage limits for total-loss claims after a declared emergency and extend time for submitting proof of loss. Proponents said the change would reduce trauma for wildfire survivors; insurers warned it could force overpayments and raise premiums.
The Senate Insurance Committee advanced SB 495 after extensive testimony pitting post-disaster relief for homeowners against insurers’ concerns about payment accuracy and potential market and premium effects.
Sen. Ben Allen presented SB 495 and said the bill responds to difficulties wildfire survivors face when they must inventory every item lost to receive full contents coverage. Under current law, insurers may pay up to 30% (capped at $250,000) of the contents coverage limit without an itemized inventory; the bill would require insurers to pay 100% of the personal-property coverage limits for total-loss claims following a declared emergency, and would extend the deadline to submit…
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