Reported about 10 hours ago
California's FAIR Plan, which provides insurance for homeowners unable to obtain private coverage, needs an additional $1 billion to cover claims from the recent Los Angeles wildfires. The plan currently holds over 452,000 policies and is expected to face significant losses from the recent fires, with claims totaling approximately $4 billion. Approval from the state will allow insurers to share half the cost and recoup expenses through policyholder fees. As wildfires worsen due to climate change, the state is taking steps to stabilize its insurance market amid growing reliance on the FAIR Plan.
Source: YAHOO