Free Republic

The California FAIR Plan, the state’s home insurer of last resort, is seeking an average 35.8% rate hike, its largest in years, following billions of dollars of losses incurred in the January fire storms.The Los Angeles-based insurance pool, operated and backed by the state’s licensed home insurers, filed this week for the dwelling policy rate hike, which must be reviewed and could be reduced by the state insurance commissioner.“By statute, FAIR Plan rates must be sufficient to pay anticipated claims and expenses,” said FAIR Plan spokesperson Hilary McLean in a statement. “The FAIR Plan is working closely with the California...