The wildfires that destroyed homes in multiple sections of the Los Angeles area will test California’s efforts to stabilize the state’s insurance marketplace after many insurers stopped issuing residential policies due to the high fire risk.
A home near downtown San Antonio caught fire for the second time in two days, the San Antonio Fire Department said.Incident at West Side H-E-B store is ‘resolved,’ company saysDoc Talk: University Health doctor answers KSAT viewers' health-related questionsHere's how to get fabulous items to make life around the house easier, more organized and tidy — all while saving big.A VW van sits among burned out homes, Thursday, Jan. 9, 2025, in Malibu, Calif.
The wind-driven blazes that started Tuesday roared through neighborhoods from the Pacific Coast inland to Pasadena and the Hollywood Hills. Thein a disaster-prone state with high real estate prices and an uncertain insurance landscape could make coverage more expensive and even harder to find.One area likely to feel the impact — and encounter challenges rebuilding — is Pacific Palisades, an affluent community sandwiched between the Pacific Ocean and the Santa Monica Mountains.
Many people purchase the FAIR Plan to satisfy their mortgage requirements, but the policies only cover basic property damage and carry a $3 million limit. Given the value of the real estate involved and the limited coverage, FAIR Plan policyholders who lost homes in this week's fires may struggle to be made whole.
“We are aware of misinformation being posted online regarding the FAIR Plan’s ability to pay claims," she said in a statement."The FAIR Plan has payment mechanisms in place, including reinsurance, to ensure all covered claims are paid.”
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