California Gov. Gavin Newsom signed a bipartisan bill Thursday that aims to prevent the state's home insurer of last resort from running out of money following a natural disaster.
The FAIR Plan is an insurance pool that provides policies to people who can’t get private insurance because their properties are deemed too risky to insure. The number of homeowners forced onto the FAIR Plan has skyrocketed. With high premiums and basic coverage, the plan is designed as a temporary option until homeowners can find permanent coverage.
