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Tue, Feb 9, 2010
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KEYT Headlines
California Fair Plan headed for a Major Overhaul
Many residents who lost their homes in the Jesusita or Tea fires had little choice but to be insured through the California Fair Plan.
It is the property insurer of last resort and it left most homeowners considerably under insured. According to Insurance Commissioner Steve Poizner, The California Fair Plan is outdated. Poizner is now working on improving the plan after listening to a number of Santa Barbara County residents. The Schiffer family lost their home on Orange Grove Avenue to the Jesusita Fire in May. It was a year ago that their insurance company pulled out of the canyon and they had to settle for the California Fair Plan. They had to rely on volunteers to clear their property after the fire because they were under-insured. If someone is turned down at least 3 times for home owners insurance because other live in a high-risk area they can get some type of policy through the Fair Plan. However, it's not close to the same coverage a resident would get from a regular insurance company. KEY News Reporter Mike Klan has more on what changes could be in store for the fair plan. |
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