HB 1638

Limits claims alleging property damage from covered catastrophic wildfires to actual damages. Amends the aggregate liability limit for qualifying damages from covered catastrophic wildfires to be $1,000,000,000, rather than administratively established by the Public Utilities Commission, and makes the limit applicable only to property covered by a property insurance policy up to the coverage limit. Requires the Director of Emergency Management to determine whether a wildfire is a covered catastrophic wildfire. Specifies that claims subject to the limit must be filed within one year of the covered catastrophic wildfire. Clarifies that a property and casualty insurer's rights to subrogation are not limited in the context of an insured's recovery by judgment or settlement of a third-party tort claim.