Supreme Court Upholds Protections For California Homeowners
March 8, 2007
The Supreme Court recently ruled that insurers may not depreciate the cost of labor when paying claims for homeowners’ insurance, a practice that often increases homeowners’ out-of-pocket expenses when repairing damage to their homes. In 2003, the California Department of Insurance (CDI) amended the Fair Claims Settlement Practice Regulations to set more stringent standards for insurers, resulting in a lawsuit filed by insurance trade organizations. Regarding the issue of "depreciating labor costs," the Supreme Court upheld CDI’s previous claim that unlike material items, the cost of labor does not lose value over time and cannot be depreciated.
source: C.A.R.
Posted in All Things San Diego, Helpful Hints, Lending, Local Business, Real Estate, Things of Interest
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