Los Angeles County has more than 4,400 fire -affected homeowners Filed insurance claims California fair plan with the state insurer of the last resort.
This is sufficient to kick the difficult funds of the project in further crisis mode, increasing the chances of seeing whether or not their insurance costs live in the fire-proof zone.
Fair insurance pays for homeowners who cannot afford a policy due to excessive fire hazard. Fair also offers low cost, but also provides the most restricted policies for those who cannot afford rates.
But Fair operates with a thin assets, with its treasures only a few hundred million dollars. The claims submitted to the exhibition so far appear to be $ 900 million, and must return to a reasonable rehabilitation to compensate for its costs.
Reconstruction is insurance in the source, insurance. It provides money when an insurance company has more burden with more claims than planned. Relax Tapping 6 2.6 billion.
As of January 28, the Fair Project received more than 3,200 claims for the damage caused by the policy fire and more than 1,200 to the damage caused by the Eaton fire. The claims vary according to the type and extent of security and loss.
The final cost of La-Aeria fire accidents is unknown, although the property value analysis agency corelojik, Assesses property losses Between $ 35 billion and $ 45 billion.
One of the highest reasonable project policyholders in the state of Pacific Policy is, the insurer estimates its expression at $ 5.89 billion.
If the rehab reinstatement is sufficient to cover Fair's loans, the state regulations must make the difference. Those companies are allowed under the same rules to raise rates for homeowners across the state to provide that money.
A bill that operates through the state legislature may reduce the demand for the homeowner's rate hike for the exhibition by selling securities, which will transfer some expenses from state -owned homeowners to the statewide taxpayers.
Companies such as State Form and Allestate have stopped selling new homeowners insurance policies in California, while others have limited their hiding or increased the safety price – or both. According to the Insurance Information Institute of the industry, Insurers of California paid 8 1.08 on the claims And the costs relating to the claims for every dollar collected in premiums between 2013 and 2022.
As the insurance companies retreat, its policy number has increased by more than 200,000 in September 2020 to more than 450,000. It has tripled to $ 458 billion in its total statewide loss in the same period.
Fire's money in hand has several hundred million dollars, and it is the rehabilitation protection A total of 6 2.6 billion.
For decades, insurers in California have been forbidden to use the so -called “catastrophic models” in determining rates. The latest policy changes from the insurance industry of California are now allowing those models to be used.
Instead of often relying on past claims, computer programs are trying to improve the risk of the insurer, by taking into account the many variables that affect the possibility of an asset to meet the loss.
Another major policy change allows insurers to charge at the cost of the re -examination of other insurers from other insurers, and to limit their losses during major disasters such as wildfires and floods. This cost change is common to policyholders, but a major change to California, where it will raise the premium.