Some Californians are about to pay a lot more to protect their homes. Rates are going up for those on the FAIR Plan, also known as the state’s “insurer of last resort.” Many in high-risk areas for wildfires are covered by this after being dropped by major insurance companies. It means they’re likely already shelling out thousands extra because of the switch and now the FAIR Plan president says to expect a substantial increase.
Several major insurers have pulled out of the state or refused to renew policies in recent months, forcing many Californians to resort to the FAIR Plan for wildfire coverage.