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News & Press: Sacramento Report

Surcharge on Insurance Policies for Disaster Relief Stalls in Legislature

Tuesday, July 16, 2019  
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Senate Bill 292 (Rubio) was amended on June 17th to create the Prepared California Disaster Mitigation Fund for purposes of disaster mitigation. The bill would impose a $12 annual assessment on all residential property insurance policies, a $6 per vehicle annual assessment on all private passenger and commercial automobile insurance policies, and an annual assessment of 1% of the annual premium on all commercial insurance policies covering physical property damage or business interruption. The annual $12 assessment is on all residential property insurance policies, including homeowner’s insurance, fire insurance, earthquake insurance, and policies covering condominiums and mobilehomes. The bill failed to meet a key legislative deadline and is now a two year bill.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
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