"California Faces Insurance Crisis as Companies Leave, Rates Soar"
The California FAIR Plan, the state's last option for homeowners seeking fire insurance, has seen a significant increase in policyholders, with over 350,000 homes now covered. However, homeowners like Bill King are facing steep premium increases and administrative challenges, leading to concerns about economic well-being and potential relocation. The plan's rapid growth has raised solvency risks, prompting the California Insurance Department to propose new regulations to encourage insurers to resume writing fire policies in the state. Despite recent changes and agreements, policyholders continue to experience difficulties with payments, cancellations, and customer service, highlighting ongoing challenges within the FAIR Plan.