California fire insurer of last resort to be bailed out by assessments on other insurers
California's state-supervised fire insurance provider of last resort received approval to levy a $1 billion assessment on private insurers to ensure it can continue paying claims from the devastating January 2025 wildfires.
California Insurance Commissioner calls on insurance companies to bail out FAIR Plan
As California grapples with a home insurance crisis, Insurance Commissioner Ricardo Lara is taking action he says will save California's insurance program of last resort, known as the FAIR Plan.
California’s insurer of last resort runs out of money to pay L.A. fire claims
In the aftermath of the Los Angeles fires, the FAIR plan gets a $1 billion bailout — the latest indication that California’s home insurance market is on shaky footing.
California's last-resort home insurer is getting a $1 billion bailout. Homeowners could be on the hook for some of the bill.
The bailout will be funded by the state's private insurers, but a new rule says they they can pass up to half of the cost on to customers.
California homeowners will have to fund half of high-risk insurer’s $1 billion ‘bailout’
The plan will impose a special charge on homeowners and insurance companies to cover $1 billion in L.A. wildfire costs
California homeowners will pay part of FAIR Plan’s $1 billion assessment
California’s insurance commissioner approved a plan Tuesday, Feb. 11, to keep the state’s insurance of last resort solvent by collecting an additional $1 billion from all private insurance members after a record number of claims were filed following January wildfires in Los Angeles County.
California’s High-Risk Insurer Gets $1 Billion Bailout After L.A. Fires
The move will likely lead to higher costs for households across the state, and may push more insurers to leave, intensifying a home insurance crisis.
California FAIR Plan is running out of money; nearly all homeowners to help bail it out
The California FAIR Plan does not have enough money to weather the impact of the record-breaking Los Angeles wildfires on its own. Instead, it will turn to private insurers for help — triggering a process where insured California homeowners across the state will end up paying part of the bill.
California seeks $1 billion from insurers to shore up FAIR Plan after LA fires
California Insurance Commissioner Ricardo Lara has requested $1 billion in additional funds from the commission's member insurers to shore up the state-backed FAIR Plan after wildfires ravaged swathes of land in and around Los Angeles last month.
California bails out FAIR Plan with $1 billion assessment in wake of LA fires
In the wake of the Los Angeles fires, the California FAIR Plan, the state's property insurer of last resort, requested approval for $1 billion from the California insurance commissioner, which he approved the same day. That money will be assessed from all home insurers operating in the state.
California homeowners will pay temporary fees to help pay for wildfire insurance claims
California Insurance Commissioner approves $1 billion assessment to the FAIR Plan, the state's insurance safety net in light ...
Critical California insurer calls for $1 billion infusion to cover LA wildfire claims
California's last-resort homeowners insurance plan seeks a $1 billion infusion from private insurers to help pay Los ...
Lassen County Times1d
Lara takes action to ensure FAIR Plan can continue paying consumer claims after the Southern California wildfires
Ordering the insurance companies’ FAIR Plan to continue swiftly paying claims to Southern California wildfire survivors, ...