“L.A. Million Dollar Listing” star Josh Flagg talks about evacuating Los Angeles amid flames on “Clayman's Countdown.”
California's state insurance regulator on Friday announced a one-year deadline to cancel homeowner's insurance policies in areas of Southern California affected this week. Devastating fires.
The California Department of Insurance (CDI) announced a mandatory one-year moratorium preventing insurers from canceling or not renewing homeowners insurance policies in certain areas affected by the Palisades and Eaton wildfires. Los Angeles area.
This moratorium applies to all homeowners, condo unit owners, mobile home owners or residential renters insurance policies in a given zip code. Covers cancellations and non-renewals due to fire hazard.
As of Friday, the fires had destroyed more than 10,000 homes, buildings and other structures, according to local officials. At least 10 people have been killed by these fires. The Kent, Hearst and Lydia fires, along with the Palisade and Eaton fires, have burned a combined total of more than 27,000 acres in the area.
California wildfires: Essential phone numbers for Los Angeles area residents and how you can help
Chimneys stand amid debris after the Palisades Fire broke out in Pacific Palisades, California, on Wednesday. (Augustine Pavlier/AFP via Getty Images/Getty Images)
“My heart goes out to our fellow Angelinos. Our top priority is protecting the people of California during this crisis and helping us recover,” California Insurance Commissioner Ricardo Lara said in a statement. I use my statutory moratorium powers to stop insurance companies Cancellation or non-renewal policies in fire-affected areas, so people don't have to deal with the added stress of finding new insurance during this horrific event.
“I'm working on all fronts to make sure fire victims get the benefits they can and get them as quickly as possible,” Lara added.
Help people affected by the California wildfires here
Plumes of smoke are seen as a wildfire burns in Pacific Palisades, California, on Tuesday. (David Swanson/AFP via Getty Images/Getty Images)
The CDI also issued a notice calling for it Insurance companies To stop non-renewals or cancellations for any property located near the fires if they are not already protected by a moratorium. The notice applies to non-renewals or revocations that were issued up to 90 days before Jan. 7, when the fire outbreak began, but are effective after the fires began.
The freeze on non-renewal and cancellation of policies will last six months as communities begin the recovery process. Lara also called on insurers to offer policyholders in fire-hit areas to pay their home insurance premiums beyond the 60-day deadline under existing law, given the challenges many in those areas are facing.
FOX Business reached out to CDI about the statute of limitations and notice.
California wildfires could cost insurers $20 billion, the highest in the state's history.
Khalid Fawad, left, and Mimi Lane inspect a family member's property in Altadena, Calif., that was destroyed in the Eaton fire on Thursday. (Justin Sullivan/Getty Images/Getty Images)
ZIP codes covered by the Palisades fire moratorium include 90049, 90265, 90272, 90290, 90402, 91301, 91302, 91320, 91356, 91361, 91364 and 91364.
Eaton Fire ZIP Codes subject to the moratorium include 91001, 91006, 91007, 91011, 91016, 91020, 91024, 91042, 91101, 91103, 91104, 91107, 911. 91206, 91208, 91214, 91706, 91731, 91732, 91775, 91780 and 93563.
Residents of the area can Ministry of Insurance website to see if their zip code is included in the statute of limitations.
CDI said the agency may issue a supplemental bulletin if it is determined that additional zip codes are located in or adjacent to a fire that has been declared a state of emergency by the governor for Los Angeles and Ventura counties.
Get FOX Business on the Move by clicking here
Lara also announced free two-day insurance workshops for all fire victims Jan. 18-19 in Santa Monica and Jan. 25-26 in Pasadena to help survivors learn about their insurance policies and the claims process. And also provide information about the restoration and recovery process.