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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 .
Meanwhile, it has only around $200 million in cash on hand and $2.5 billion it can tap from reinsurance firms that act as backstops to insurance companies. More and more homeowners have come to ...
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.
How will the California Sustainable Insurance Strategy affect the FAIR Plan? Multiple insurance companies limiting or entirely pausing new home insurance policies in California has sent the market ...
Meanwhile, homeowners who lost their previous insurance policies after carriers pulled back from California either had to go without any coverage or get it from the FAIR plan established by the ...
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 ...
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