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California homeowners to fund half of high-risk insurer's $1B 'bailout'
The plan will impose a special charge on homeowners and insurance companies to cover $1 billion in L.A. wildfire costs
State Farm, California’s largest property insurance provider, recently asked for permission to temporarily raise its premiums an average of 22% because of the claims it is facing from the fires. Balber added that some insurers, such as Mercury General Corp., said shortly after the L.A. fires began in early January that they expected to have adequate reinsurance to cover any possible increased contributions they would have to make to the FAIR Plan. In a statement, Lara characterized the new regulation as a “necessary consumer protection action.” The commissioner added: “The fact that we are once again facing this issue 30 years after wildfires devastated these same communities highlights the need for change.”
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