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Committee advances bill to let manufactured-home owners buy replacement-cost coverage from Fair Plan
Summary
SB 525 would require the California Fair Plan to offer manufactured- and mobile-home owners the option to purchase replacement-cost coverage. Proponents said current practice leaves many manufactured-home owners limited to cash-value policies; opponents and the Fair Plan raised concerns about market impacts and actuarial treatment.
The Senate Insurance Committee advanced SB 525 after extended debate over fairness, market consequences and the role of the California Fair Plan. The measure, presented by Sen. Lola Jones, would require the California Fair Plan to offer manufactured- and mobile-home owners the option to purchase replacement-cost personal property coverage on an actuarial basis.
Jones said the bill is intended to restore parity for roughly 500,000 Californians who own manufactured homes and often cannot obtain replacement-cost insurance through admitted carriers. Kent Misich, a manufactured-home owner from San Diego…
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