California’s home insurance plan of last resort is set to increase rates for policyholders later this year.
California FAIR Plan announced an average 30% rate increase for policyholders, according to multiple reports.
The San Francisco Chronicle reported that rates, which are set to change after Oct. 15, will vary depending on customers’ circumstances, with about a quarter of policyholders having their rates decrease by up to 80% and half of homeowners seeing rate increases between 30% and 50%.