Insurance: residential property insurance: requirements upon nonrenewal.

Existing law generally regulates the issuance of fire insurance on property within the state. Existing law requires all fire policies to be written on a standard form, as specified. Existing law also requires all insurers providing a policy of residential property insurance to provide specified disclosures to the insured. Existing law prohibits an insurer from canceling or refusing to renew a policy of an insured that has suffered a loss, as specified, within certain time limits. Existing law also creates the Fair Access to Insurance Requirements or FAIR Plan Association to formulate and administer a program that equitably apportions among insurers, basic plans of insurance for property owners who, after diligent effort, are unable to procure such insurance through normal channels from an admitted insurer or a surplus line broker. Existing law requires a broker or agent to provide assistance, as specified, to a person seeking help in obtaining coverage. This bill would require specified insurers who fail to renew or offer renewal of a policy of residential property insurance to make certain notifications to a policyholder in writing regarding other options the policyholder may have, including information about the FAIR plan.