FAQ: CALIFORNIA FAIR PLAN
- Bridge AOR
- Oct 13
- 1 min read
The new laws allow the FAIR Plan to request state-backed loans and bonds and distribute claims payments over multiple years, which is intended to prevent the need for future bailouts that raise the plan’s rates for consumers.
The FAIR Plan is an insurance pool that provides policies to people who can’t get private insurance because their properties are deemed too risky to insure. The number of homeowners forced onto the FAIR Plan has skyrocketed. With high premiums and basic coverage, the plan is designed as a temporary option until homeowners can find permanent coverage.
C.A.R. provided FAQ: https://42177214-9d7a-43d8-aecd-f7e162c92fd7.usrfiles.com/ugd/421772_d717ac928b9e4c8fb23135744b590689.pdf?utm_campaign=linkinbio&utm_medium=referral&utm_source=later-linkinbio
More information on California FAIR Plan: https://www.insurance.ca.gov/01-consumers/200-wrr/California-FAIR-Plan.cfm
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