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Committee advances bill to let manufactured-home owners buy replacement-cost coverage through FAIR plan
Summary
SB 525 would require the California FAIR Plan to offer manufactured and mobile homeowners the option to purchase replacement-cost coverage. Supporters called it an equity measure for roughly 500,000 owners; the FAIR Plan and industry raised operational and depopulation concerns and sought technical clarifications.
Senator Jones presented SB 525 to the Insurance Committee as a measure to give manufactured-home owners in California access to an option to buy replacement-cost coverage through the California FAIR Plan.
‘‘The measure simply offers equity to the over 500,000 Californians…who own a manufactured home, or also known as a mobile home,’’ Senator Jones said, adding that the bill ‘‘does not add anyone new to the FAIR Plan’’ but would require the FAIR Plan to offer an optional replacement-cost product on an actuarial basis.
Kent Misich, a manufactured-home owner, described repeated nonrenewals and his inability to…
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