The devastating Los Angeles wildfires have wiped out California’s insurer of last resort – commonly called the FAIR Plan – and Bay Area homeowners will likely be on the hook for part of the $1 billion lost
The FAIR Plan will collect emergency payments from private insurers based on their market share in California who will undoubtedly pass on a portion of the cost to their own clients.
At this point, it’s not clear if homeowners will see a new higher price on their premiums or how long the rate increase will last.