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The California FAIR Plan is an fire 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 FAIR Plan was established in 1968 by a statute of the California Insurance Code, and is regulated by the office of the California Insurance Commissioner.
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 ...
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.
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 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.
Proposition 103, titled Insurance Rate Reduction and Reform Act, was a California ballot proposition voted on in the 1988 California General Election. It passed with 51% of the vote on November 8, 1988. [1] Proposition 103 expanded the regulatory capacities of the California Department of Insurance, especially in property and casualty insurance.
As a result, many homeowners were forced to obtain coverage from the state’s insurer of last resort, the California Fair Access to Insurance Requirements (CA FAIR) Plan, which covered 1,430 ...
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