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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 ...
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.
Residents can visit the Department of Insurance website at insurance.ca.gov to see if their ZIP codes are included in the moratorium. They can also contact the department at (800) 927-4357 or via ...
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 ...
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 ...
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 ...
The changing landscape of homeowners insurance doesn't just affect those who live in high-risk zones, but all homeowners, as the inability to obtain insurance—and therefore a mortgage—coupled ...
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 ...