New California Homeowners’ Insurance Requirement

New California law mandates additional homeowners’ insurance requirement. In response to the massive destruction caused by numerous California wildfires over the past several years, California is taking steps to enact laws that seek to fund wildfire prevention and protect consumers impacted by wildfires. One of the biggest issues that homeowners’ who lost their homes are facing, is the unfortunate discovery that they are underinsured. Outdated or inaccurate replacement cost estimates are often the cause of the problem. For homeowners with replacement cost coverage, a new law, which goes into effect January 1, 2019 will require insurers to provide, every other year before policy renewal time, an estimate of the cost to rebuild or replace the home in a way that complies with existing insurance regulations. The new law is aimed at improving the information available to policyholders so they can make informed decisions about how much coverage to buy. The law goes into effect July 1, 2019, and has several exceptions. See Ins C §10103.4 (added by Stats 2018, ch 205).

No matter where you live, it is always advisable to review your insurance with your insurance broker regularly. Insurance is one of those products that we consider to be a key piece of your asset protection plan. We know that buying insurance is not a particularly sexy or gratifying purchase, but if you ever need it, you will be glad you did.

Cassell von Baeyer

Cassell von Baeyer is a partner at the Incline Law Group, LLP. Incline Law Group, LLP - Providing Legal Clarity for Over 40 Years Incline Law Group, LLP, is committed to providing legal clarity. Our transparent approach to delivering legal services is designed to get beneath the surface of the matter in order to minimize surprises and maximize our clients’ outcomes. Founded in 1973 by John C. Rogers, Incline Law Group has earned a reputation for professionalism, discretion, honesty, diligence and positive results. Our attorneys are licensed in Nevada and California and have been providing legal clarity in the areas of Real Estate, Litigation, Family Law, Contracts, Business Formation and Estate Planning for over 40 years to our Northern Nevada and California communities. Cassell has been practicing law for 16 years and is licensed to practice in all courts of California and Nevada. Cassell's areas of practice include: -Real Estate transactions (commercial and residential) -Purchase and sale of real property -Commerce development -Common interest community developments and homeowner's association matters -Commercial development -Leases -Easements -Construction contracts -Mechanics liens -Land use -Distressed real estate, including judicial foreclosure -Business Entities and Transactions - formation and administration of business entities -Contracts -Real property -Business -Licensing agreements -Construction Cassell is a member of The State Bar of Nevada, The State Bar of California and the Washoe County Bar Association.

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