Thousands of Bay Area homeowners in wildfire-prone neighborhoods are about to get hit with a major new expense: higher insurance bills.
Starting Oct. 15, California’s FAIR Plan — the coverage many residents turn to when private insurers won’t take them — will raise rates by an average of 30%, putting even more pressure on families already dealing with rising costs.
According to KTVU, the FAIR Plan is often described as the state’s insurance option of last resort. It serves homeowners who can’t get standard coverage from private companies, often because their properties are in areas considered to be high-risk for wildfire. Statewide, nearly 670,000 homes are insured through the plan…