The enlargement is a centerpiece of Lara’s “Sustainable Insurance coverage Technique,” a broad effort to stabilize California’s fractured insurance coverage market amid mounting climate-related losses. In recent times, main carriers have pulled again from insuring properties in wildfire-prone areas, citing escalating claims and regulatory constraints. The FAIR Plan – meant as a backstop for these unable to acquire conventional insurance coverage – has ballooned in response, protecting greater than 350,000 properties as of early 2025, a determine that has practically tripled over the previous 5 years.
