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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 ...
Read more:State Farm won’t renew 72,000 insurance policies in California, worsening the state's insurance crisis. ... That has forced thousands of homeowners into 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 ...
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California Insurance Code Section 676 requires insurers to provide a specific reason for non-renewal at least 75 days before the policy expires, allowing homeowners time to address issues or find ...
Homeowners have seen a rapid decrease in coverage options and a growing number are having to rely on the California FAIR Plan, a state-created private insurer of last resort.
Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.
The FAIR Plan is supposed to be the insurer of last resort. So, Hays decided to pay for the property policy offered by Covington Specialty Insurance Company, the only one his broker could find.