When disaster strikes, recovery often feels like an uphill battle for homeowners. For Californians impacted by the devastating Palisades and Eaton fires, a new piece of legislation proposed by Governor Gavin Newsom could help alleviate some financial burdens. The proposed bill, authored by Assemblymember John Harabedian (D-Pasadena), aims to ensure that homeowners—not lenders—benefit from the interest accrued on insurance payouts for homes destroyed or damaged during disasters. Understanding the Proposed California Insurance Bill Governor Newsom’s proposed bill addresses a gap in California law that currently allows lenders to collect interest…
Read MoreGovernor Newsom Backs Bill to Prioritize Homeowners Benefiting from Insurance Payout Interest
