California FAIR Plan is running out of money; nearly all homeowners to help bail it out
The California FAIR Plan does not have enough money to weather the impact of the record-breaking Los Angeles wildfires on its own. Instead, it will turn to private insurers for help — triggering a process where insured California homeowners across the state will end up paying part of the bill.
California homeowners will have to fund half of high-risk insurer’s $1 billion ‘bailout’
The plan will impose a special charge on homeowners and insurance companies to cover $1 billion in L.A. wildfire costs
California’s insurer of last resort runs out of money to pay L.A. fire claims
In the aftermath of the Los Angeles fires, the FAIR plan gets a $1 billion bailout — the latest indication that California’s home insurance market is on shaky footing.
California Seeks $1 Billion From Insurers to Shore up FAIR Plan After LA Fires
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 ravaged swathes of land in and around Los Angeles last month.
California’s $1 Billion Insurer Bailout Deepens Housing Strains
A $1 billion assessment announced Tuesday for California’s FAIR Plan, the state-run insurer of last resort, is expected to drive up premiums as companies will likely pass some of the costs onto homeowners.
California FAIR Plan's $1 billion bailout after L.A. fires
CNBC's Contessa Brewer joins 'Power Lunch' to report on California’s FAIR Plan that provides insurance to homeowners who can’t get private coverage needing $1 billion more to pay out claims related to the Los Angeles fires.
Mansion Global2d
California’s State Insurance Gets $1 Billion Infusion as Wildfire Claims Overwhelm Providers
The FAIR Plan is funded by pooled money from insurers in the state in exchange for covering high risk properties ...
Critical California insurer calls for $1 billion infusion to cover LA wildfire claims
California's last-resort homeowners insurance plan seeks a $1 billion infusion from private insurers to help pay Los Angeles-area wildfire claims.
California's insurer for people without private coverage needs $1 billion more for LA fires claims
The department says it’s the first time the Fair Plan has sought approval for additional money in more than 30 years.
What Are Reciprocal Tariffs and Who Might Be Impacted by Trump’s Plan?
Trump spoke to reporters from the Oval Office about his decision, saying it was an “amazing day.” When asked if prices would ...
kcra.com3d
California FAIR Plan needs $1 billion more to pay out claims from LA fires
The state Insurance Department must approve those costs. It’s the first time the Fair Plan has sought approval for additional money in more than 30 years, the department said. The Eaton and ...
The New York Times4d
California’s High-Risk Insurer Gets $1 Billion Bailout After L.A. Fires
The $1 billion assessment is the largest since the FAIR Plan was created in 1968, and the first time since the 1994 Northridge earthquake near Los Angeles that the FAIR Plan has faced claims ...
The Business Journals3d
California bails out FAIR Plan with $1 billion assessment in wake of LA fires
The FAIR Plan has nearly tripled in size over six years from 126,709 policies in 2018 to 365,694 policies in the summer last year. The last time the FAIR Plan sought assessments was ...