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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]
In the Pacific Palisades, where State Farm recently canceled over 1,600 policies a few months ago, FAIR plan residential plans in the 90272 zip code grew 85% from 2023 to 2024.
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 ...
Damaged vehicles should be covered by car insurance. ... the California FAIR Plan, ... There were more than 450,000 FAIR Plan policies in the state in late 2024, ...
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 FAIR plan covers a relatively small 4 percent slice of California's insurance market. Nevertheless, that's an increase from its 1.5 percent share before 2019.
The problem of canceled policies has forced some homeowners to go without fire insurance or to use a program set up by the state — but without taxpayer support — called the California FAIR plan.
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 ...