Browsing: FAIR Plan

Class action lawsuit claims insurance companies conspired to drop customers and force them into expensive state-backed insurance plans

Two lawsuits filed in Los Angeles allege major home insurance companies have colluded to limit coverage in California communities at high risk for wildfires, forcing homeowners onto the state’s last-resort insurance plan.

A consumer group has filed a lawsuit against California Insurance Commissioner Ricardo Lara to prevent insurers from passing on $500 million in FAIR Plan losses from Los Angeles wildfires to policyholders.

With its reserves already strained, California’s insurer of last resort may need another bailout as the state heads into the dry summer months.

California Insurance Commissioner Ricardo Lara approved a plan to increase temporary fees for most California home and fire insurance customers.

Colorado homeowners are grappling with increasing insurance costs and limited coverage options as extreme weather events become more frequent and devastating.

A policy change by the Massachusetts Property Insurance Underwriting Association, also known as the FAIR plan, could provide more insurance options for homeowners on Martha’s Vineyard, addressing high premiums and cancellation rates.

Neera Sharma, president of Coastal Brokers Insurance Services, discusses the upheaval in California’s insurance market, focusing on the FAIR Plan’s impact, emerging opportunities, and strategies for survival.

The Fair Access to Insurance Requirements (FAIR) plan aims to provide property insurance to those unable to find coverage in the standard market, particularly in areas facing wildfire risk.

Legislation in Nevada could establish a FAIR Plan to ensure property insurance availability in areas where traditional coverage is limited.