Weather & Science
California Policyholders May Be On the Hook for Wildfire Losses
A firefighter douses flames while battling the Highland Fire in Aguanga, California on Oct. 31.
Photographer: Ethan Swope/BloombergThis article is for subscribers only.
California homeowners could be required to pay a surcharge if the state’s insurer of last resort is unable to cover losses from a catastrophic wildfire.
The California Department of Insurance sent a bulletin to insurance companies this week outlining how the FAIR Plan, which provides coverage to homeowners who can’t find it elsewhere, can pass along costs incurred from “extreme loss scenarios” to consumers.