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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 ...
The California FAIR Plan is an insurance program backed by the state of California that is used by property owners who cannot find private market insurance coverage. [ 1 ] [ 2 ] [ 3 ] The plans are typically more expensive and provide less coverage than commercial plans.
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.
Insurance giants State Farm, AIG, and Allstate have each stopped writing homeowner policies in California because of wildfire danger. According to a report issued Wednesday by JP Morgan, the ...
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 Center Square) - California homeowners may face noticeable insurance rate hikes under new rules finalized by state regulators that allow property insurers to use complex climate algorithms ...
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