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CA SJR28
Joint Resolution
AI Summary
- Memorializes the President and Congress of the United States to enact the Earthquake Insurance Affordability Act
- Proposes federal guarantee of limited post-earthquake borrowing by state residential earthquake insurance programs to lower insurance costs for homeowners
- Authorizes the California Earthquake Authority to sell post-event bonds in the private capital market, potentially reducing reinsurance costs and enabling rate reductions and lower deductibles
- Directs funding toward seismic-mitigation measures and aims to increase earthquake insurance coverage among California homeowners to reduce future disaster assistance costs
- Notes that a 1994 Northridge Earthquake caused over $25 billion in property damage, and potential future earthquakes could cause $210-260 billion in damage across California
Legislative Description
Earthquake insurance: affordability.
Last Action
Chaptered by Secretary of State. Res. Chapter 92, Statutes of 2014.
7/9/2014
Full Bill Text
No bill text available