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According to data from 2020, the FAIR Plan covers 2.5% of the statewide market share, but 20.4% of the market share in ZIP codes at high risk from wildfires. [6] Between 2020 and 2024, the number of homes covered by FAIR Plan policies more than doubled, while the Plan's total exposure (including commercial properties) nearly tripled. [7]
Asked about potential surcharges California homeowners might have to pay in the future, a FAIR Plan spokesperson told Fortune on Saturday, "the FAIR Plan cannot speculate about the future impact ...
The California Fair Access to Insurance Requirements, or FAIR, Plan was established in 1968 in order to provide insurance coverage to homeowners in high-risk areas, whether that means their ...
As insurance companies retreat, the FAIR Plan has seen its policy count grow from a little over 200,000 in September 2020 to more than 450,000 as of September 2024.
As of last Friday, the FAIR Plan had just $377 million available to pay claims, according to the office of Senator Alex Padilla, Democrat of California. It’s not yet known how much in claims the plan will face but the total insured losses from the fires so far has been estimated at as much as $30 billion.
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Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.
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