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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.
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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The FAIR plan has about 375,000 policyholders, and the insurer’s total risk exposure was $311 billion as of December 2023; it was $50 billion in 2018. Read more: He claims to have saved ...
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.
The package also aims to move homeowners back onto the roles of commercial insurers and off the FAIR Plan, while improving the finances and coverage of the state's insurer of last resort.
Authored by State Senator Hannah-Beth Jackson, the California Fair Pay Act (also known as SB358) is an amendment to the existing California labor laws that protects employees who want to discuss about their co-workers' wages as well as eliminating loopholes that allowed employers to justify inequalities in pay distribution between opposite sexes.
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.