FAIR Plan News

Should Upcoming California Commissioner’s Hearing on Wildfires Concern Insurers?

Insurance Commissioner Ricardo Lara will convene a “virtual investigatory hearing” on Monday to initiate a series of regulatory actions that will protect residents from the increasing risk of wildfires. Several years of destructive wildfires have made insurance expensive and difficult …

Insurance Consumer Advice for Buyers of High-Risk Homes: Liz Weston

When house hunting, the price of homeowners insurance probably isn’t top of mind. But homes with hidden risks can make getting coverage difficult, expensive or both. Learning how to identify them could save a homeowner a bundle. This could be …

Six Things to Know About the Recent Impasse Between Regulators and Insurers in the Aftermath of California’s Devastating Wildfires

This post is part of a series sponsored by CoreLogic. California’s 2017 and 2018 catastrophic wildfire events hit state insurers historically hard, with record-breaking losses of over $25 billion.1 2 Three years later, state regulators, utility companies, and insurers are …

California FAIR Plan Can Offer Only Fire Insurance, Judge Says

A fund that offers only fire insurance to California residents in wildfire-prone areas can’t be required to provide coverage for other hazards such as flooding or theft, a judge ruled this week. Superior Court Judge Mary Strobel this week issued …

California Commissioner, Lawmakers Intro ‘Hardened Homes’ Wildfire Bill Requiring Admitted Market to Offer Coverage

A newly proposed bill would clarify under California law the concept of “hardened homes” that are safer or more resistant to wildfires and then require admitted carriers to cover those homes. California’s insurance commissioner and several lawmakers on Tuesday introduced …

Insurance Protections Expanded in California Wildfire Areas

More than a million California homes are now protected under a new state order that temporarily bans insurance companies from dropping customers in areas affected by recent wildfires, officials announced this week. Insurance Commissioner Ricardo Lara issued a moratorium earlier …

California Department of Insurance Issues Revised Plan of Operation for FAIR Plan

Editor’s note: This story has been updated with comments from a FAIR Plan official. The battle between the California Department of Insurance and the FAIR Plan will continue to rage on in the wake of two severe wildfire seasons. The …

FAIR Plan Asks Court to Stop California Insurance Commissioner’s Order

Note: This is been updated with a statement from Lara’s office. The FAIR Plan today filed a petition for a writ of mandate seeking to have a court annul, vacate, or withdraw an order issued last month by the California …

California Commissioner Calls for Statewide Non-Renewal Moratorium, More Measures to Protect Wildfire Victims

California Insurance Commissioner Ricardo Lara on Thursday issued a mandatory one-year moratorium on insurance companies non-renewing policyholders, a move he says will help at least 800,000 homes in wildfire disaster areas in Northern and Southern California. The commissioner’s action is …

Wildfires Making Insurance Harder to Find, California Department of Insurance Says

Severe wildfire seasons have made it harder for homeowners to find insurance in high wildfire-risk areas, according to new data collected by the California Department of Insurance. The data released this week from the CDI shows a 6% increase in …