Department of Insurance: housing insurance study.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill directs the Department of Insurance to conduct a study of property, liability, and builders’ risk insurance coverage for affordable housing entities in California. The study will examine barriers to adequate insurance, how insurers consider factors like tenant income and government assistance programs, and recommend policy and budget options to address insurance costs and access challenges. The study’s findings will be submitted to the Senate and Assembly Insurance Committees within one year of an appropriation.
Key provisions
- Requires the Department of Insurance to conduct a study of affordable housing insurance coverage.
- Mandates consultation with affordable housing entities, insurers, and relevant state agencies.
- Requires analysis of how insurers consider tenant income and government assistance programs in setting rates.
- Directs the department to identify barriers to adequate insurance coverage for affordable housing.
- Requires the department to analyze trends in insurance availability and costs.
- Requires the department to submit a report with policy and budget recommendations to the Legislature.
- Sets a deadline of January 1, 2031, for the study’s completion and report submission.
- Specifies that the study is contingent upon legislative appropriation.
Who is affected
- Affordable Housing Entities
- Insurance Companies
- Department of Housing and Community Development
Bill text
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Sponsors
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4 on record
Primary sponsor
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