California Seeks $1 Billion From Insurers to Shore up FAIR Plan After LA Fires
(Reuters) - 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's insurer for people without private coverage needs $1 billion more for LA fires claims
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.
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.
To Help Pay For LA Fires, California Will Collect $1 Billion From Insurers
California will collect $1 billion in special fees from insurance companies to make sure it can pay out Los Angeles fire claims filed with the Fair Plan, California's insurer of last resort, the state insurance commissioner said.
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 homeowners to face new fees to keep fallback insurance plan solvent
After saying it would run out of funds by March, California’s last-resort fire insurance provider will impose a special charge of $1 billion on homeowners and insurance companies, the first such move in more than three decades.
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