California expands backstop for those losing homeowner’s insurance

California regulators announced on Thursday new protections aimed at helping the growing number of people living in wildfire-prone areas who cannot find adequate homeowner’s insurance.

The California FAIR Plan (Fair Access to Insurance Requirements) currently covers up to $1.5 million in losses and is restricted to fire damage. All state-backed insurance companies are required to pay into the program.

Starting in April, the FAIR plan will cover up to $3 million in damages, and by June the insurance plan will be expanded to cover water damage and personal liability.

“Many have been dropped by their insurance company, even after decades with the company,” he said during the Thursday press briefing.

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