Condo associations across California are urging the state to subsidize the exploding cost of property insurance covering wildfires.
Eighteen state senators, led by Toni Atkins of San Diego, the Senate President Pro Tempore, sent a letter last month to state Insurance Commissioner Ricardo Lara calling on Lara to increase the limits on California's FAIR Plan commercial coverage program from $8.4M to $20M, according to a report in the San Diego Union-Tribune.
The FAIR Plan is a pooled risk program backed by all state-licensed property insurers that serves as a "temporary" safety net of basic wildfire coverage when there is a dearth of coverage being offered in the marketplace. Though they are residential, condominiums typically are covered with commercial insurance.
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