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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. [5] 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. [6]
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 ...
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 Center Square) - California’s fire insurer of last resort has long been on the brink of insolvency. Not only could FAIR customers — in the absence of a government bailout — face major ...
California FAIR tried to assure worried homeowners that it would be able to handle the claims that this week’s massive fires will produce. “The FAIR Plan, which is primarily a catastrophe ...
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 value of properties insured by the FAIR Plan totaled more than $458 billion as of September, up from $153 billion in 2020, according to the insurer's website.
Insurance companies doing business in California must put money into a fund to pay for coverage under the FAIR Plan. The number of people on the FAIR Plan has nearly doubled in recent years ...
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