AB 478 – Wildfire Insurance. For insureds 65 years of age or older, this bill would limit an increase in their yearly premium for a policy of residential property insurance by no more than 25 percent for insured property located in a high or very high fire hazard severity zone, as identified by the State Fire Marshal, as specified, and allow only one premium increase in a 5-year period. The bill would allow the increased premium to be paid over a 3-year period as part of the insured’s residential property insurance premium payments. This bill would additionally prohibit an insurer from canceling or refusing to renew a policy of residential property insurance based solely on the fact that the insured property is located in a high or very high fire hazard severity zone, as identified by the State Fire Marshal, if the insured is 65 years of age or older.
AB 572. Assessment Limitation. This bill would, with certain exceptions, prohibit an association that records its original declaration on or after January 1, 2024, from imposing an increase of a regular assessment on the owner of a deed-restricted affordable housing unit that is more than 5% greater than the preceding regular assessment for the association’s preceding fiscal year or more than the percentage change in the cost of living, whichever is larger, not to exceed 10%, as specified. [Chaptered]
AB 648. Virtual Meetings. This bill would authorize board and member meetings, except for meetings at which ballots are counted and tabulated, to be conducted entirely virtually without needing to designate a physical location. [Chaptered]