The California FAIR Plan, which provides fire insurance coverage of last resort for residential and commercial properties that cannot obtain traditional coverage from other providers, submitted its farm policy rate filing to the California Department of Insurance earlier this week to move closer to providing coverage for farm properties under the recently passed Senate Bill 11 (Rubio).
Prior to passage of SB 11, farm properties were precluded from obtaining coverage under the FAIR Plan due to some statutory technicalities in the creation of the program. The RCRC-supported bill, sponsored by the California Farm Bureau Federatoin, cleared up the technicalities, allowing basic property coverage for farms that lose coverage due to high wildfire risk.
Once CDI approves the rate filing, the FAIR Plan can make coverage available to farm property owners in high fire hazard risk areas across California. For more information, see the official press release here.