The FAIR Plan is California’s home insurance plan of last resort. But policies in San Diego County more than tripled in recent years, which mirrors a troubling statewide trend.
“What I really wanted to focus on was trying to restore, as much as possible, a native plant community,” said the 72-year-old, who’s lived in his Alpine home for the last decade. “It’s really hard — it takes a lot of research.”
This mirrors an alarming statewide trend. The number of Fair Plan policies in California have jumped from roughly 127,000 in 2018 to an expected 400,000-plus by this September. Meanwhile, the plan’s total risk exposure has gone from $50 billion in 2018 to more than $311 billion today.The high-cost plan is supposed to be a temporary safety net if a homeowner loses their insurance and needs to switch to a new provider.
FAIR Plan policies only cover fire damage. Homeowners have to secure an additional policy to cover risks such as wind, flooding and theft. “But you can see where things might go,” he cautioned, if the state fails to implement robust regulatory reforms, address climate change and mitigate wildfire risks.Francis Lopez douses flames with a bucket of water as a wildfire called the Highland Fire burns through his property in Aguanga, Calif., Monday, Oct. 30, 2023.
And when a buyer does find a policy, he added, it often costs much more than they expected. That can alter a buyer’s debt-to-income ratio, leaving them unqualified for the loan, or turn them off from buying the home altogether.Regulatory reform effortsurging Lara to “take swift action to address issues with the insurance market and expand coverage options for consumers.
But Consumer Watchdog, a frequent critic of the insurance industry, has expressed skepticism about the Sustainable Insurance Strategy. The organization wants to see more concessions from insurers. Balber also questions the requirement that insurers write 85% of their statewide market share in high-risk wildfire zones. She worries there could be loopholes lurking in the details.
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