Calif. Department of Insurance: Growing Need for FAIR Plan Leads Insurance Commissioner to Order Increased Coverage Options
As wildfire risk drives more non-renewals of homeowner insurance across the state, Insurance Commissioner
The growing unavailability of homeowners and fire insurance has touched virtually every county in the state and threatens home values, real estate transactions, tax revenues, emergency services, and the integrity of
"I am taking this action after meeting with thousands of
"United Policyholders is hearing from panicked consumers daily. Homeowners throughout the state are between a rock and a hard place and desperate for help finding affordable insurance," said Bach. "Commissioner Lara has heard their pleas and is taking decisive action."
Effective
The Commissioner also ordered the FAIR Plan to offer consumers a monthly payment plan and to be able to pay by credit card or electronic funds transfer--all without fees.
These changes are in addition to other changes that Commissioner Lara convinced the FAIR Plan to undertake earlier this year, including providing more transparency in their meetings and allowing the
The FAIR Plan is established under
"Restoring stability to the homeowners and fire insurance marketplace will take everyone working together to find solutions," said Commissioner Lara. "By involving homeowners, advocates, local and state government, and insurance companies, I am confident we will find common sense solutions."
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The
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