All California Insurance Policyholders Could Have to Pay for LA Fire Losses

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Title : All California Insurance Policyholders Could Have to Pay for LA Fire Losses
Link : All California Insurance Policyholders Could Have to Pay for LA Fire Losses

If the state-mandated FAIR plan can’t cover all claims, Californians could receive insurance bills to cover the difference. New rules enacted in September 2024 for the insurer of last resort in California—the Fair Access to Insurance Requirements (FAIR) plan—could leave homeowners insurance policyholders statewide on the hook for Los Angeles area fire losses if totals exceed the plan’s ability to pay.

“The bottom line is the FAIR plan will have enough money to pay claims, but the way it will make sure it has enough money is by assessing all California policyholders, eventually,” Dave Jones, former commissioner of the California Department of Insurance, told host Siyamak Khorrami during a recent episode on EpochTV’s “California Insider.”

If it gets there, that’s what will happen. People will get an additional bill ... which will come as a big surprise to Californians.” AccuWeather estimated the economic impact of the damage could top $150 billion .Insured losses could approach $20 billion or higher, according to analysts. (Source))