'Million Dollar Listing Los Angeles' star Josh Flagg discusses evacuating Los Angeles amid flames on 'The Claman Countdown'.
California's state insurance regulator on Friday announced a one-year moratorium on canceling homeowner's insurance policies in the Southern California region that was affected this week. Devastating fire.
The California Department of Insurance (CDI) has announced that a mandatory one-year moratorium will prevent insurers from canceling or renewing policies for homeowners in certain areas affected by the Palisades and Eaton wildfires. Los Angeles area.
The moratorium applies to all homeowners, condo unit owners, mobile home homeowners or residential renters insurance policies in certain zip codes. It covers cancellations and non-renewals due to fire risk.
The fire has destroyed more than 10,000 homes, buildings and other structures as of Friday, according to local officials. At least 10 people were killed in the fire. The Kenneth, Hearst and Lydia fires combined with the Palisades and Eaton fires have burned more than 27,000 acres in the region.
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Chimneys stand amid rubble after the Palisades Fire passed through California's Pacific Palisades on Wednesday. (Augustine Polier/AFP via Getty Images/Getty Images)
“My heart goes out to my fellow Angelenos. Our top priority is protecting Californians during this crisis and helping us recover,” California Insurance Commissioner Ricardo Lara said in a statement. “I'm using my suspension powers to stop the insurance companies Cancellation or non-renewal policy in wildfire-affected areas, so people don't face the added stress of finding new insurance during these catastrophic events.”
“I am working on all fronts to ensure that the fire victims get the benefits they deserve and get them as soon as possible,” added Lara.
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Smoke billows like wildfires in California's Pacific Palisades on Tuesday. (David Swanson/AFP via Getty Images/Getty Images)
The CDI also issued a notice calling for Insurance companies To stop pending non-renewals or cancellations for any properties near the fire if they are not already protected by a moratorium. The notice applies to non-renewals or cancellations that were issued 90 days before Jan. 7, when the wildfire outbreak began, but are effective after the wildfire outbreak.
The hiatus on policy renewals and cancellations will last six months as communities begin the recovery process Lara called on insurers to offer even beyond the 60-day grace period under current law for policyholders in immediately affected wildfire areas to pay their home insurance premiums because of the challenges many in those areas face.
FOX Business reached out to CDI regarding the suspension and notice.
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Khaled Fouad, left, and Mimi Line visit a family member's property in Altadena, California, which was destroyed in the Eaton Fire on Thursday. (Justin Sullivan/Getty Images/Getty Images)
ZIP codes covered by the moratorium for the Palisades Fire include 90049, 90265, 90272, 90290, 90402, 91301, 91302, 91320, 91356, 91361, 91364 and 91364.
Eaton Fire ZIP codes subject to suspension include 91001, 91006, 91007, 91011, 91016, 91020, 91024, 91042, 91101, 91103, 91104, 91104, 9110, 9106, 9106, 91016 91206, 91208, 91214, 91706, 91731, 91732, 91775, 91780 and 93563.
Residents of the area can go Department of Insurance website to see if their zip code is included in the moratorium.
CDI said the agency may submit a supplemental bulletin if additional ZIP codes are determined to be within or adjacent to the governor's declared state of emergency for Los Angeles and Ventura counties.
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Lara announced free two-day insurance assistance workshops open to all wildfire victims on January 18 and 19 in Santa Monica and January 25 and 26 in Pasadena. As well as providing information about rebuilding and recovery processes.