"The bill is about protecting homeowners and families across the state," said Calderon, who represents the Whittier area. This emphasizes the primary goal of providing security to residents impacted by wildfires.
The FAIR Plan provides residents a way to get fire insurance for their homes when they can't find it otherwise. As it covers more homes, its financial strain increases, necessitating legislative support.
The number of FAIR Plan policyholders has exploded in recent years as large insurance companies have paused taking on new business... meaning more homes are relying on this state-backed plan.
As of Friday, the plan reported having $377 million available to pay claims, which raises concerns about its sustainability amid escalating wildfire risks and increasing policyholder numbers.
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