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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. [6] 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]
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 ...
The California FAIR Plan Assn., the state's property insurer of last resort, was born of smoldering ashes — not of a wildfire, but of one of the worst urban disturbances in U.S. history. The ...
It’s not yet known how much in claims the plan will face but the total insured losses from the fires so far has been estimated at as much as $30 billion. Because the fires are still burning, that number could grow. Unlike regular insurance companies, the FAIR Plan can’t refuse to cover homes just because they’re in vulnerable areas.
The California Insurance Code (CIC) requires that the CDI provides licensing examinations for brokers and agents, and that the department must investigate suspected violations of the CIC by businesses and individuals who possess CDI licenses. The CDI also oversees the licensing of bail bond agents. The CDI also oversees the licensing of service ...
The state's FAIR Plan has received 3,600 claims so far since wildfires ravaged the Los Angeles area, with potential exposure totaling nearly $5 billion across the Palisades and Eaton fire zones.
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