Proposed legislation could force insurers in California to pay 100 percent of the coverage for belongings inside homes destroyed by wildfires without itemization.
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AbillsponsoredbyCaliforniaInsuranceCommissionerRicardoLaraandstateSenatorBenAllenistryingtoforceinsurersinthestatetopayhomeowners100percentcoverageforbelongingsinsidedestroyedhomeswithoutanitemizedlist.
Thelegislation,ifpassed,wouldapplyonlytothosewhosehomesweredestroyedinnaturaldisasterslikewildfires.
NewsweekcontactedtheCaliforniaDepartmentofInsurance(CDI)andAllenforcommentbyemailonTuesdaymorning.
WhyItMattersThewildfiresthatravagedLosAngelesCountylastmonthareestimatedtohavedestroyedasmanyas12,000homesastheyturnedentireneighborhoodsintoashes.
Thebill,dubbedtheEliminate“TheList”Act,requiresinsurancecompaniestopaypolicyholderswhosehomeshavebeendestroyedbywildfires100percentoftheircontentscoveragewithoutneedingadetailedinventorylist.Atthemoment,insurersoperatinginthestatehavetopayout30percentofapolicy’sdwellinglimitwithoutne
