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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 ...
Insurance Commissioner Ricardo Lara has issued a one-year moratorium on home policy non-renewals and cancellations in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.
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 ...
That means State Farm's California home insurance branch, which covers over 21% of the state market, would be required to cover 18% of the houses in fire zones.
And all that loss isn't going to help California's ongoing insurance crisis, where many homebuyers already struggle to get approved for loans, home insurance, and fire insurance — even in areas ...
Fire insurance has become more costly—if it's available at all—in California, leading more Golden State homeowners to turn to the FAIR Plan, a government-backed insurer of last resort.
The wind-driven wildfires burning out of control in the Los Angeles area couldn't have emerged at a more perilous moment for California's homeowners, as officials try to rehab what they concede is ...
"Premiums are increasing in fire-prone areas because insurance companies are dealing with more claims and bigger payouts," says Nick Ramirez, a California-based Goosehead insurance agent. "It’s ...