{"id":1925,"date":"2025-02-21T18:36:43","date_gmt":"2025-02-21T18:36:43","guid":{"rendered":"https:\/\/www.cfpnet.com\/?p=1925"},"modified":"2025-02-21T19:29:28","modified_gmt":"2025-02-21T19:29:28","slug":"update-from-the-california-fair-plan-6","status":"publish","type":"post","link":"https:\/\/www.cfpnet.com\/es\/update-from-the-california-fair-plan-6\/","title":{"rendered":"Update from the California FAIR Plan"},"content":{"rendered":"

February 21, 2025<\/p>\n

The California FAIR Plan, an independent, not-for-profit catastrophe insurer of last resort, continues to receive, manage and pay claims stemming from the Southern California wildfires.<\/p>\n

Latest Information Available<\/strong>
\nAs of February 19, the FAIR Plan has received approximately 3,621 claims for damage caused by the Palisades Fire and approximately 1,369 claims for damage caused by the Eaton Fire. New claims continue to be reported and confirmed.<\/p>\n

Approximately 45% of the wildfire claims are reported as total losses, 45% reported as partial losses, and 10% reported as Fair Rental Value only, which covers lost rental income due to a
\ncovered peril like fire. The approximate percentage of claims reported as total losses, partial losses and Fair Rental Value only may shift as new claims are submitted and confirmed.<\/p>\n

The FAIR Plan has paid more than $1.2 billion to policyholders, including advance payments, to cover claims related to the Palisades and Eaton fires.<\/p>\n

In addition, the FAIR Plan has received over 1,076 claims apart from the wildfires during the same period, including windstorm and fire claims.<\/p>\n

Assessment & Payment Mechanisms<\/strong>
\nFollowing approval by the California Insurance Commissioner of the FAIR Plan\u2019s assessment request on February 11, the FAIR Plan has notified each admitted market insurer of their
\nassessment responsibility. The FAIR Plan does not have a role in determining how insurers manage costs once an assessment is approved by the California Insurance Commissioner.<\/p>\n

The FAIR Plan continues to access reinsurance, a payment mechanism to help pay claims. The FAIR Plan can access additional layers of reinsurance based on losses incurred and outstanding reserves up to a $5.75 billion limit, including a $900 million deductible and varying percentages of co-reinsurance, similar to co-pays, subject to certain conditions. To access all layers of available reinsurance, the FAIR Plan is responsible for paying up to approximately $3.5 billion, including the $900 million deductible and copays.<\/p>\n

###<\/p>\n

About the FAIR Plan<\/strong>
\nThe FAIR Plan is a private association comprised of all insurers licensed to write property insurance in California and is funded primarily through the policies it sells to customers. The FAIR Plan is not a state agency and is not funded by the state or other public agencies.<\/p>\n

The FAIR Plan offers basic property insurance for all Californians who cannot access coverage in the voluntary insurance marketplace. As an insurer of \u201clast resort,\u201d the FAIR Plan was established by statute to provide a temporary safety net for consumers who need fire insurance until coverage through the voluntary market is available. For more information, visit www.CFPnet.com.<\/a><\/p>\n

For media questions, contact:<\/p>\n

Media@cfpnet.com<\/a><\/p>\n

The above information can be attributed to the California FAIR Plan.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

February 21, 2025 The California FAIR Plan, an independent, not-for-profit catastrophe insurer of last resort, continues to receive, manage and pay claims stemming from the Southern California wildfires. Latest Information Available As of February 19, the FAIR Plan has received approximately 3,621 claims for damage caused by the Palisades Fire and approximately 1,369 claims for […]<\/p>\n","protected":false},"author":5,"featured_media":1255,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1925","post","type-post","status-publish","has-post-thumbnail","hentry","category-announcements"],"acf":[],"yoast_head":"\r\nUpdate from the California FAIR Plan - The California FAIR Plan<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.cfpnet.com\/es\/update-from-the-california-fair-plan-6\/\" \/>\r\n<meta property=\"og:locale\" content=\"es_MX\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Update from the California FAIR Plan - The California FAIR Plan\" \/>\r\n<meta property=\"og:description\" content=\"February 21, 2025 The California FAIR Plan, an independent, not-for-profit catastrophe insurer of last resort, continues to receive, manage and pay claims stemming from the Southern California wildfires. 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