California FAIR Insurance Plan Running out of Money

California’s state-run FAIR Plan, an insurance program meant as a last resort for homeowners in high-risk fire areas, is on the brink of insolvency following devastating wildfires.

With only $377 million in available funds and over $8 billion in potential claims, the state has approved a $1 billion bailout that will be passed on to private insurers—who will then shift the cost to homeowners.

California FAIR Insurance Plan Running out of Money

Insurers have warned Californians of this for years. California voted democrat anyway. The other 49 states should NOT have to come up with a bailout for “the world’s 5th largest economy”.

Due to strict state-imposed limits on insurance rate increases, major insurers like State Farm have already pulled out of California, leaving homeowners with skyrocketing premiums or no coverage at all. The collapse of the FAIR Plan highlights the failure of California’s regulatory approach, which has limited insurers’ ability to manage risk while ignoring the growing wildfire threat. Ultimately, middle-class homeowners will bear the financial burden, while wealthier individuals with cash reserves can weather the crisis. This is another example of big-government policies leading to economic disaster.

I believe this is going to affect everyone in the country that pays taxes or insure anything with insurance, thank you California

California FAIR Insurance Plan Running out of Money

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    DISCLAIMER:

    • Some of the links in this description and in our videos may be affiliate links, and pay a small commission if you use them, but never increase the basic cost. I really appreciate the support. The content in my Youtube videos SHALL NOT be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information. I am a not financial adviser. I only express my opinions based on my experiences. Your experience may be quite different. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. You must conduct your own research. There is NO guarantee of gains or losses on any investments. My produced videos are for entertainment purposes ONLY.  DO NOT make buying or selling decisions based on these videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer, financial advisor, or the appropriate professional for the subject you would like help with.
    • Although no longer a licensed California real estate broker Bob’s 30 plus years of experience in the real estate industry with all the contacts that he has developed,  he is able to provide referrals to the top real estate Professionals in any state within the United States.  So, although you can’t get Bob to represent you personally, Bob can select a top real estate professional with years and years of experience to ensure that you get the best possible representation.