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Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
The plans are typically more expensive and provide less coverage than commercial plans. [5] If the FAIR Plan does not have the money to pay out all claims, it collects money from insurance companies that operate in California. [5] According to data from 2020, the FAIR Plan covers 2.5% of the statewide market share, but 20.4% of the market share ...
Fire insurance has become more costly—if it's available at all—in California, leading more Golden State homeowners to turn to the FAIR Plan, a government-backed insurer of last resort.
The California FAIR Plan is an insurance program of last resort for homeowners in high-risk areas of the Golden State who are unable to obtain fire coverage in the private insurance market.
The program was created to provide low-rent homesteads, including a home and small plots of land that would allow people to sustain themselves. Through the program, 34 communities were built. [2] Unlike subsistence farming, subsistence homesteading is based on a family member or members having part-time, paid employment. [3]
Since its introduction, the program has developed 270,000 management plans that consist of more than 31,000,000 acres (130,000 km 2) of private land. Stewardship plans promote forest health and development through active management while providing timber, wildlife habitat, natural watersheds, recreational opportunities and many other benefits.
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