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Two fires on either side of Los Angeles burned an area nearly the size of Washington, D.C., from January 7 until they were fully contained, killing 29 people and damaging or destroying more than ...
The value of properties insured by the FAIR Plan totaled more than $458 billion as of September, up from $153 billion in 2020, according to the insurer's website.
FAIR Plans. State-backed insurance plans, known as FAIR Plans or Citizens Plans, were set up starting in the 1960s to provide coverage for homeowners who couldn’t find policies on the private ...
[1] [2] [3] The FAIR Plan was established in August 1968 by a statutory amendment to the California Insurance Code (specifically, section 10091 et seq. [4] [5]), and is regulated by the office of the California Insurance Commissioner. The plans are typically more expensive and provide less coverage than commercial plans. [6] If the FAIR Plan ...
California's Fair Plan, the state's insurer of last resort, may be unable to pay billions in claims arising from the Los Angeles fires and may require a bailout that could ultimately be paid by ...
From January 7 to 31, 2025, a series of 14 destructive wildfires affected the Los Angeles metropolitan area and San Diego County in California, United States. [5] The fires were exacerbated by drought conditions, low humidity, a buildup of vegetation from the previous winter, and hurricane-force Santa Ana winds, which in some places reached 100 miles per hour (160 km/h; 45 m/s).
A recent rule change could cause a spike in insurance premium for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in ...
Last year, Francis Bischetti said he learned that the annual cost of the homeowners policy he buys from Farmers Insurance for his Pacific Palisades home was going to soar from $4,500 to $18,000 ...