Homeowners Insurance Goes Green, Auto Coverage May Be Next
August 5th, 2008 categories: Our Market, The Greener Side
An excerpt from the San Diego Business Journal.
Insurance Commissioner Steve Poizner announced on July 31 the state’s first green homeowners insurance policy, which enables homeowners to rebuild to environmental standards set by the U.S. Green Building Council after a loss.
The new policy, available Aug. 1, covers costs typically not covered in traditional policies, like green recertification fees and other expenses that environmentally conscious homeowners may incur when rebuilding.“I encourage all insurance companies to expand options for consumers.
Innovative products like these are a win-win for consumers and the environment, lowering energy bills and cutting consumption,” Poizner said in a news release. Fireman’s Fund Insurance Company is the first to offer the policy. Under the coverage, California homeowners can rebuild under Leadership in Environmental and Energy Design (LEED) standards set by the Green Building Council. The policy provides up to $25,000 for a LEED-certified architect to oversee the rebuilding of the home and the LEED application process.
Commissioner Poizner is also supporting Senate Bill 1279 by Sen. Abel Maldonado, R-Monterey, which will allow insurance companies to submit paperless filings to the Department of Insurance to reduce the amount of paper wasted on filings. And he is working to develop regulations for a green auto insurance option for California drivers. “Pay as you drive” auto insurance will be a voluntary way for consumers to pay rates that most accurately reflect their coverage, and encourage Californians to drive less, reducing the environmental strain of vehicle emissions.— Ned Randolph
