New insurance regulations for California homeowners take effect

Despite numerous challenges, a new set of regulations for California homeowners took effect on June 27, 2011. These changes were geared toward improving the standards and training processes for the replacement value estimations of a homeowner’s insurance should a disaster occur. At the same time, the controversial alterations are still being contested by two insurance trade associations. The new cost regulations include the following (California Code of Regulations Section 2695.183 (h)): • Conditions for outlining the requirements that involve the replacement cost and value estimates designed to improve comprehensiveness, consistency,…

Read More