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Consumer Watchdog, a non-profit group that has previously sounded alarms about FAIR's solvency, warned last year that California homeowners could be on the hook for a $1,000 to $3,700 surcharge ...
[1] [2] [3] The FAIR Plan was established in 1968 by a statutory amendment to the California Insurance Code (specifically, section 10090 et seq. [4]), and is regulated by the office of the California Insurance Commissioner. The plans are typically more expensive and provide less coverage than commercial plans. [5] If the FAIR Plan does not have ...
In a 2022 interview with KCRA, a FAIR Plan spokesperson stated that the average cost of a policy is about $3,200 per year, which is significantly more than a typical home insurance policy in ...
“We estimated If the FAIR plan needs to assess insurance companies $10 billion for its costs that aren’t covered by reinsurance, and there are about 9 million homeowners in the state, that’s ...
Currently, California homeowners in high-risk areas have few insurance options. Many have turned to the California FAIR plan, a private program established by the state and designed to be a fire ...
Some 450,000 homes — about 3% of all state residents — were covered through the California Fair Access to Insurance Requirements plan in September, a 40% increase from a year earlier.
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