Gov. Gavin Newsom has signed a bill to improve property insurance options for landowners who have had to turn to the California FAIR plan, the state’s insurer of last resort, because of a lack of coverage after wildfires.
The legislation will allow commercial policies under the FAIR plan to move back to the competitive market with coverage protecting farming and ranching operations. He also issued an executive order on Thursday pressing the state’s insurance commissioner to shore up California’s troubled insurance market as options for homeowners across the state are dwindling.
