FAIR Plan Gets State Support After Wildfires

Gov. Gavin Newsom signed bipartisan bill allowing FAIR Plan to access state-backed loans.
FAIR Plan insures high-risk homeowners unable to get private coverage.
Wildfires destroyed 17,000 structures in LA, causing $4B loss for FAIR Plan.
FAIR Plan needed $1B bailout, with half cost passed to policyholders.
Claims payments will be spread over multiple years post-disaster.

Insurance | Disaster Response | Policy Changes

United States | California

Gavin Newsom

4 weeks ago