For Immediate Release
Contact: Greg Hayes
August 31, 1994
916/445-3456

TORRES STATEMENT ON HOMEOWNERS EARTHQUAKE COVERAGE SITUATION

SACRAMENTO -- Senator Art Torres (D-Los Angeles) today made the following statement on the current condition of homeowners insurance
coverage in California:

"I am very angry about the actions of some insurance companies who are failing to renew homeowners insurance for people who have paid their premiums for years and have never filed a single claim."

"Insurance companies attempted a last minute state bailout for themselves. Their plan would have limited all earthquake insurance coverage for all Californians and shifted the cost to homeowners."

"The Supreme Court clearly found that Proposition 103 must be followed. The voters asked for and deserve accountability from insurance companies. The Legislature must follow both the letter of the law as well as the intent of Proposition 103."

"I support Insurance Commissioner Garamendi's creation of an earthquake insurance policy with the State's FAIR plan as a short term measure to guarantee that no homeowner is left without earthquake coverage."

"The Legislature has already acted to protect homeowners by passing AB 3569 (MARGOLIN), which would authorize the Governor to prevent insurance companies from canceling or refusing to renew policies after catastrophes such as the Northridge earthquake."

"With the Insurance Commissioner's action and the passage of AB 3569 we have provided protection for homeowners and those buying new
homes."

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