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SACRAMENTO, Calif. (AP) — California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires ...
But as wildfires have set thousands of homes worth tens of billions of dollars ablaze across Los Angeles, some fear FAIR's funds will run dry—forcing all California policy holders to make up the ...
In a news release, FAIR Plan officials said it was too early to calculate loss estimates from the Los Angeles fires and whether the plan would have to use “payment mechanisms” to cover its claims.
The regulations now require companies to insure properties in vulnerable areas at a rate equivalent to 85 percent of their California market share — increasing such coverage by 5 percent ...
It is now estimated that, as of January 2024, over 350,000 homes are on the plan ... For homeowners who struggle to locate other fire insurance in California, a FAIR Plan can be a strong choice.
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in California, including 531,000 in Los Angeles County, according to data from the California Department ...
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