Judy Osborn learned she’d been dropped by her home insurance company almost a year to the day after evacuating during the devastating CZU Lightning Complex fires in August 2020. Her two-bedroom house in the Santa Cruz Mountains had become too risky to insure, according to her provider, and Osborn was forced to look for a… Continue reading Homeowners in California Could Continue to Lose Coverage
Tag: CA FAIR plan
Commissioner Lara Approves Higher Commercial Coverage Limits Offered by California FAIR Plan
Insurance Commissioner Ricardo Lara approved increases in the limits of coverage to the California FAIR Plan Association’s (FAIR Plan) commercial programs that are offered to businesses, no later than May 1, 2022. This action by Commissioner Lara allows those businesses unable to secure insurance coverage in the normal insurance market with access to insurance they… Continue reading Commissioner Lara Approves Higher Commercial Coverage Limits Offered by California FAIR Plan
PG&E Says Wildfire Victims Voted for $13.5B Settlement Offer
PG&E Corp. said it survived attempts to rally wildfire victims against a $13.5 billion settlement offer, positioning the bankrupt utility favorably to exit chapter 11 on its preferred terms. Opponents of PG&E’s bankruptcy exit strategy had spent weeks laying out their concerns, with a particular focus on personal-injury lawyer Mikal Watts, whose firm counts 16,000… Continue reading PG&E Says Wildfire Victims Voted for $13.5B Settlement Offer
PG&E to Plead Guilty to Involuntary Manslaughter Charges in Deadly California Wildfire
PG&E Corp. has agreed to plead guilty to felony involuntary manslaughter charges for its role in starting the deadliest wildfire in California’s history. The indictment in Butte County, where 85 people died during the 2018 Camp Fire, charges the company with 84 counts of manslaughter and one count of unlawfully causing a fire. The company… Continue reading PG&E to Plead Guilty to Involuntary Manslaughter Charges in Deadly California Wildfire
‘Renew California’ Bill Seeks to Ease Wildfire-Fueled Homeowners Insurance Crisis
A wildfire-related crisis facing counties all over the state could have one solution in sight. As the risk of destructive wildfire grows, tens of thousands of California homeowners are finding insurance companies are dropping their coverage and pulling out of fire-prone communities altogether. That leaves homeowners unprotected at best — and unable to keep their… Continue reading ‘Renew California’ Bill Seeks to Ease Wildfire-Fueled Homeowners Insurance Crisis
Proposed Settlement Would Make California Fire Victims PG&E’s Biggest Shareholders
PG&E Corp. proposes to pay half of its $13.5 billion settlement with California wildfire victims in company shares, a move that would make victims the utility’s largest shareholders—and jeopardize payments if PG&E sparks future fires. As part of its plan to exit bankruptcy, PG&E would pay fire-victim claims through a trust funded with equal parts… Continue reading Proposed Settlement Would Make California Fire Victims PG&E’s Biggest Shareholders
High Cost of Wildfire Insurance Hits California Home Sales
Home sales are slowing in wildfire-prone areas of California as insurers retreat from high-risk regions, say real-estate agents and homeowners. Insurance companies have continued to reduce their wildfire exposure in the past two years after paying more than $24 billion for California wildfire losses in 2017 and 2018. Home insurers have declined to renew policies… Continue reading High Cost of Wildfire Insurance Hits California Home Sales
Department Issues Revised Pan of Operation for CA’s FAIR Plan
The California Department of Insurance on December 19 issued a revised plan of operation for the California FAIR Plan Association (FAIR Plan) as required under California law. The action furthers Insurance Commissioner Ricardo Lara’s November 14 order, which revoked portions of the FAIR Plan’s current plan of operation and ordered the “insurer of last resort”… Continue reading Department Issues Revised Pan of Operation for CA’s FAIR Plan
How Does California’s New FAIR Law Protect Vulnerable Residents?
California officials announced Wednesday, December 18, 2019, that a new law passed in the state temporarily stopping insurance companies from dropping customers in recently affected wildfire areas. The new law protects more than a million homes in these areas. Almost 1 Million Affected by Wildfires This comes as welcomed news to more than 800,000 residents… Continue reading How Does California’s New FAIR Law Protect Vulnerable Residents?