Revealed - California FAIR plan faces $4.8 billion exposure from LA fires
The FAIR Plan’s potential exposure is over $4 billion for the Pacific Palisades Fire and more than $775 million for the Eaton Fire, according to an update provided to BestWire. The FAIR Plan insures about 22% of the structures affected by the Pacific Palisades Fire and 12% of those impacted by the Eaton Fire, based on the Cal Fire incident maps.
California's FAIR Plan, the home insurer of last resort, may need a bailout after the L.A. fires
California's Fair Plan, the state's insurer of last resort, may be unable to pay billions in claims arising from the Los Angeles fires and may require a bailout that could ultimately be paid by homeowners statewide.
California Homeowners Unaffected by Wildfires Could Get New Insurance Bill
Changes in California's Fair Access to Insurance Requirements (FAIR) plan could mean higher expenses for homeowners after fires.
California lawmakers seek greater oversight of FAIR Plan
California legislators are pursuing greater oversight of the California FAIR Plan Association, the state’s insurer of last resort for property coverage, as the threat of wildfires continues to grow, AM Best reported.
First the fires, now the fight: Flaws in California insurance plan will test L.A. homeowners
An insurance pool created by officials in California to help residents in wildfire-prone areas could frustrate victims of the L.A. wildfire.
Affected by the Wildfires in Southern California? You Might be Safe From Home Insurance Cancellations Through 2026
A recent moratorium now protects California policyholders from losing home insurance coverage for at least one year if their home is near a site affected by wildfires.
California’s insurer of last resort has potential exposure to LA wildfires of nearly $5 billion and reinsurance of $5.78 billion
"The FAIR Plan, a not-for-profit catastrophe insurer, has the payment mechanisms in place to ensure all covered claims will be paid."
Why all California homeowners could be on the hook for LA County wildfire costs
Insurance providers could charge policyholders a “supplemental fee” if the state’s insurer of last resort runs out of money.
California’s Insurance System Faces Crucial Test as Losses Mount
The California FAIR Plan, the state’s insurer of last resort, had just $377 million available last week to pay claims that ...
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What happens if CA FAIR Plan goes bankrupt? Here's how it could affect policyholders
"You can bet that if the FAIR Plan goes bankrupt - and it's a good bet it will - the insurance companies will come after us to pay the debts that they owe," Court said. The California FAIR ...
Homeowners in California could pay a surcharge of $1,000 or more if FAIR Plan runs dry
Consumer Watchdog, a non-profit group that has previously sounded alarms about FAIR's solvency, warned last year that ...
California's FAIR Plan faces financial strain amid Los Angeles wildfire crisis
Los Angeles wildfires highlight California's insurance crisis as the FAIR Plan faces challenges with limited funds to cover ...