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California FAIR Plan insurance explained. The California Fair Access to Insurance Requirements, or FAIR, Plan was established in 1968 in order to provide insurance coverage to homeowners in high ...
[1] [2] [3] The FAIR Plan was established in 1968 by a statutory amendment to the California Insurance Code (specifically, section 10090 et seq. [4]), and is regulated by the office of the California Insurance Commissioner. The plans are typically more expensive and provide less coverage than commercial plans. [5]
Consumer Watchdog, a non-profit group that has previously sounded alarms about FAIR's solvency, warned last year that California homeowners could be on the hook for a $1,000 to $3,700 surcharge ...
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 ...
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
The hikes would come from a potential assessment likely to be levied by California FAIR, the program set up by the state as the insurer of last resort for homeowners whose fire insurance has been ...
As a last resort, homeowners and businesses in those areas have turned to California's FAIR plan, a backstop insurance provider funded by the companies that do business in the state, which charges ...
(Reuters) - California Insurance Commissioner Ricardo Lara has requested $1 billion in additional funds from the commission's member insurers to shore up the state-backed FAIR Plan after wildfires ...
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