On Mar. 28, CAL INS approved new commercial coverage limits.
CAL INS reported approval of FAIR Plan Association's commercial filing to increase commercial property coverage limits, helping HOAs, farms, businesses access coverage
Move is a key element of Commissioner Lara’s ongoing sustainable insurance strategy
Continues implementation of landmark reforms to address CAL’s property ins crisis.
FAIR Coverage Limits
FAIR Division I commercial property coverage limits were increased to $20mn per building, with a total coverage limit of $100mn per location, effective within 120 days.
Coverage expansion is consistent with 2024 agreement with FAIR plan to offer broader commercial coverage while improving its transparency and financial stability, #220847.
Effectiveness
New coverage limits must be made available to all eligible applicants for both new and renewal policies within 120 days from the filing approval date, or by Jul. 26, 2025.
