California’s Last Resort Insurance Plan Sees Record New Policies in February

California’s last resort insurer, the FAIR Plan Association, just saw a record number of new policies in February as more insurers flee the California market, leaving homeowners with one choice. The so-called FAIR Plan provides basic coverage when other insurers aren’t available, but premiums are usually much higher. The plan now insures around 373,000 properties, adding 15,000 in February alone—the most ever—with the plan doubling in size since September 2019, officials said during a March 13 Assembly Insurance Committee meeting. “We are one event away from a large assessment. There’s no other way to say it,” FAIR Plan President Victoria Roach told lawmakers during the meeting....