Last year, State Farm canceled 1,600 policies in Pacific Palisades because the state would not allow them to raise premiums enough to cover their exposure. The affected homeowners would then likely have to rely on the state-run FAIR Plan, an expensive last-resort insurance program. But the FAIR Plan reportedly only had a surplus of $200 million as of April 2024 and was likely to become insolvent if a catastrophic event occurred.
Governor Newsom goes around posturing about politics instead of trying to solve urgent problems. Our state government takes billions of dollars from hard-working Californians and provides barely anything in return. An unconscionable failure.
