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The number of homes and commercial properties in high-risk wildfire areas covered by the California FAIR Plan has more than doubled in five years.
The president of the California FAIR Plan said that one bad wildfire could overwhelm the plan’s resources.
"These are huge numbers," California FAIR Plan President Victoria Roach told the Assembly Insurance Committee. "And they continue to grow. . . As those numbers climb, our financial stability comes more in question."
Insurance is getting more difficult to get in California. And it’s not just homeowners insurance anymore; the issues are now leaching into the car insurance market.
A webinar briefing hosted by California Insurance Commissioner Ricardo Lara this week to ease concerns about deteriorating market conditions left