As the new year approaches, you can definitely expect some insurance laws to change. In today’s post, we’re going to list some of the major changes, and why they matter.
The California Fair Plan will be required to increase coverage options for homeowners. The California Fair Plan is an insurance association that provides coverage to high-risk homeowners. California Commissioner Ricardo Lara has ordered the Fair Plan to offer comprehensive coverage, including fire damage, water damage, personal liability, and theft. Coverage limits will be increased, and there will be a no-fee monthly payment plan for policyholders. This change comes after devastating wildfires in 2019, which have affected the lives of thousands of California residents. Homeowners that wouldn’t normally qualify for comprehensive coverage are able to get the insurance they need in case of a major event or disaster.
On the health insurance side, there will be a mandate that will require California residents to have a health insurance plan. Although the individual mandate was repealed a few years back, California is reintroducing this mandate to the state, so if you don’t have a health plan in 2020, you will receive a tax penalty.
At Kelly Williams Insurance we’re able to provide a plethora of great insurance plans. Contact us today to start the process.