With more and more insurers pulling out of the state's fire insurance market, homeowners are being pushed into a program called the California FAIR Plan—an insurer of last resort for those in high-risk areas.
With more and more insurers pulling out of the state's fire insurance market, homeowners are being pushed into a program called the California FAIR Plan—an insurer of last resort for those in high-risk areas.But the system is becoming overwhelmed and officials are warning that it may be on the brink of insolvency.Catastrophic wildfires have turned areas that were never seen as high risk into places where fire insurance isn't even available.
'And it may result in them pulling out and no longer writing insurance in the state.'That's already happening. State Farm just announced that it will not be renewing another 70,000 policies in California.In response, the state is formulating what's called the 'Sustainable Insurance Strategy,' that would change regulations to allow insurers to charge more for homes in high-risk areas, basing rates on the actual fire danger of a property.
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