New Mandatory One-year Moratorium for 91301 Residents
Here’s a quick summary of some of the recent changes to insurance regulations, and how it will impact your pocketbook.
First, a 2018 consumer protection law requires a mandatory one-year moratorium on insurance companies canceling or non-renewing residential insurance policies in certain areas within or adjacent to a fire perimeter, after a declared state of emergency is issued by the Governor. The Palisades Fire is included in that list, and by extension, Agoura’s 91301 ZIP code.
https://www.insurance.ca.gov/01-consumers/140-catastrophes/MandatoryOneYearMoratoriumNonRenewals.cfm
There’s been a flurry of conversation and speculation about the financial stability of the FAIR Plan in particular and the insurance industry in general. We have no special insights and don’t want to pretend that we know more than anyone else—but there is a balanced summary of the issue at https://www.npr.org/sections/planet-money/2025/01/23/g-s1-44265/california-wildfire-homes-insurance-prices-crisis that you might find interesting, if not completely enlightening. We do agree that in the whole discussion of how to PRICE risk, we also need to focus on how to MITIGATE or decrease that risk.
And, while this might be a reminder for many of you, any home that is in a certified Firewise Community has extra protections and rights. If you live in a Firewise Community (check https://agourahillsfsc.org/certificates/), your insurance provider is required to offer you a discount.