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That means State Farm's California home insurance branch, which covers over 21% of the state market, would be required to cover 18% of the houses in fire zones.
Insurance Commissioner Ricardo Lara has issued a one-year moratorium on home policy non-renewals and cancellations in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.
In 2024, the California Department of Forestry and Fire Protection, known as Cal Fire, battled 8,024 wildfires that burned more than 1,000,000 acres of land, and damaged or completely destroyed ...
Why does California have a home insurance crisis? California has seen other major insurers pull back on property coverage in the nation's most populous state as climate change makes wildfires, floods and windstorms more common and damaging. Of the top 20 most destructive wildfires in state history, at least 15 occurred since 2015.
It factored in wildfire risks, the percentage of homes that are on the FAIR plan, the average cost of insurance and the per capita income level in each of the districts, when coming up with the lists.
Peter Vanek, president of PVRK, a Southern California-based real estate consulting company, said his home was destroyed by a battery fire in 2023. His insurance initially estimated $350,000 for ...
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] Between 2023 and 2024, the number of homes in the ZIP code affected by the January 2025 Palisades fire covered by the FAIR Plan almost doubled. [5]
Homeowners are watching their fire insurance premiums triple — or losing coverage as insurers retreat from the market. Many are forced to rely on the costly California FAIR Plan, the state’s ...