State officials says a new plan will boost FAIR plan coverage limits to $20 million, helping condo HOAs in wildfire zones access insurance coverage.
Condominium owners in San Diego and throughout the state reeling from soaring property insurance costs will get some relief from the California FAIR Plan, which announced this week that it will more than double its commercial property insurance coverage limits to $20 million.
The deal comes after state lawmakers led by Sen. Pro Tem Toni Atkins, D-San Diego, called for an increase of the FAIR Plan commercial insurance cap to help condominium HOAs whipsawed by an inability to buy affordable coverage. In January, Farmers declined to renew the property policy for Morada, a 338-unit condo community in Rancho Bernardo. Under the prior Farmers policy, the HOA bought $73 million in coverage for $133,000.
“At the last board meeting there was discussion that it could be as much as $8,000 per homeowner if in fact they wanted to cover the full $80 million in infrastructure out here,” said Sam Spooner, 85, who has lived in the community with his wife for more than a decade. The FAIR Plan, a pooled risk program backstopped by state-sanctioned insurers, is considered the insurer of last resort when people can’t find coverage elsewhere.
“Longer, more devastating fire seasons mean that Californians are feeling the impacts of climate change now,” said Atkins in a statement. “Expanding coverage is an important step towards preventing further displacement and protecting homeowners throughout the state.”
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Is San Diego State's approach sustainable when other schools' NIL collectives are buying teams?Fellow Final Four competitor Miami 'bought' a team with a reported $2.2 million in combined NIL payments, which dwarfs what Aztecs players are getting
Weiterlesen »
Meet the Final Four-bound San Diego State AztecsHere's a player-by-player look at San Diego State's roster, with updated stats from the season and a look at postseason performances
Weiterlesen »
A bandwagoner's guide to the San Diego State Aztecs basketball teamFrom key players like Matt Bradley and Nathan Mensah to coach Brian Dutcher, learn about the Aztecs men's basketball team in the Final Four.
Weiterlesen »
Montezuma's March: How San Diego State put together the best month everA game-by-game look at San Diego State's run through the Mountain West Conference and NCAA tournaments
Weiterlesen »
They believed, too: San Diego State's first taste of basketball success came 82 years agoSan Diego State's 1940-41 team won small-school national title with a squad whose tallest player stood 6-foot-3; Team enshrined in Aztec Hall of Fame in 2002
Weiterlesen »
The mission that brought San Diego State’s Nathan Mensah from Ghana to the Final FourAfter moving from Ghana to the U.S. at age 15 to overcoming loss of his mother and...
Weiterlesen »