Private plans, such as State Farm, required to give to Fair plan so all residents have access to fire insurance
California’s home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims.
All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 – more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for “total losses”.
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Source link : https://www.theguardian.com/us-news/2025/feb/12/california-home-insurance-wildfires
Author : Cecilia Nowell
Publish date : 2025-02-13 01:27:00
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