California's FAIR Plan, which provides insurance to homeowners who can't get private coverage, needs an additional $1 billion to cover claims from the recent Los Angeles wildfires. The plan, which is funded by all major private insurers, expects a loss of roughly $4 billion from the Eaton and Palisades Fires. Insurers will share the cost, and policyholders may see a one-time fee on their premiums to help cover the expenses.
SACRAMENTO, Calif. — California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires, the state Insurance Department said Tuesday.
The plan says it's expecting a loss of roughly $4 billion from the Eaton and Palisades Fires, which sparked Jan. 7, destroyed nearly 17,000 structures and killed at least 29 people. Roughly 4,700 claims have been filed as of this week, and the plan has already paid out more than $914 million. “This is essential to prevent even greater strain on California’s already unbalanced insurance market and avoiding widespread policy cancellations that would jeopardize coverage for millions of Californians,” said Mark Sektnan of the American Property Casualty Insurance Association, the largest national trade association for home, auto and business insurers.
WILDFIRE INSURANCE CALIFORNIA FAIR PLAN LOS ANGELES
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