California bails out FAIR Plan with $1 billion assessment in wake of LA fires
In the wake of the Los Angeles fires, the California FAIR Plan, the state's property insurer of last resort, requested approval for $1 billion from the California insurance commissioner, which he approved the same day. That money will be assessed from all home insurers operating in the state.
CA Fair Plan approved for $1bn assessment from member companies
California Insurance Commissioner Ricardo Lara has approved the California Fair Plan’s request to levy a $1bn assessment on its member insurance companies to help pay for wildfire losses, according to the state’s Department of Insurance (CDI).
The bailout will be funded by the state's private insurers, but a new rule says they they can pass up to half of the cost on ...
California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out ...
These days, the FAIR (Fair Access to Insurance Requirements) Plan ... rates and policy language approved by the state’s insurance department. Only 0.5 percent of homeowners in California are ...
After saying it would run out of funds by March, California’s last-resort fire insurance provider will impose a special charge of $1 billion on homeowners and insurance companies, the first such move ...
The nation’s growing home insurance crisis is in the spotlight as California homeowners begin the long road to rebuilding ...
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