The insurance situation in Laguna Village has drastically declined, with coverage slashed by 98 percent and premiums more than doubling, forcing special assessments on residents.
Residents face severe adversity with no adequate insurance coverage, which complicates selling their homes or refinancing loans. The underinsurance crisis impacts the entire community.
With rising wildfire risks leading to drastic policy reductions, many large insurers in California have ceased writing new home policies, creating a broader crisis.
The plight of Laguna Village encapsulates a significant issue statewide, as more homeowners resort to the FAIR Plan, an expensive last resort for insurance.
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