California's home insurer of last resort seeks 36% rate hike following January fires

The California FAIR Plan Association, which provides insurance for homeowners who have been denied coverage, is requesting a significant rate hike of 35.8% following the devastating fires in January. This increase could lead to varying costs for policyholders based on their specific fire risk, raising concerns about affordability and access to necessary insurance for many homeowners. This situation highlights the ongoing challenges in the insurance market, especially in areas prone to natural disasters.