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From 2012 to 2021, home insurers in California lost money on underwriting and insurance transactions, while nationwide average profit margins on those deals were 3.6% to 4.2%, respectively.
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.
A 2023 California Department of Insurance report states that “homeowners insurance companies [had] done far worse in California than nationally.” While direct underwriting profit was 3.6 ...
The problem is tied to Proposition 103, the 1988 ballot measure that gave the insurance commissioner the power to approve and roll back rates. Elected commissioners have little incentive to ...
The problem of canceled policies has forced some homeowners to go without fire insurance or to use a program set up by the state — but without taxpayer support — called the California FAIR plan.
The state of California announced a one-year moratorium on the cancellation or non-renewal of homeowners insurance policies in zip codes affected by the Los Angeles-area wildfires.
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