The California FAIR Plan on Tuesday began offering basic property insurance for farmers unable to obtain coverage from traditional insurance carriers.
The new coverage fills a gap in California’s insurance marketplace as more farmers experienced policy nonrenewals due to increasing wildfire risk, according to a statement from the FAIR Plan.
California Insurance Commissioner Ricardo Lara in January approved the FAIR Plan to offer new commercial coverage for farm structure risks starting Feb. 1.
Under Senate Bill 11, signed by Gov. Newsom in July 2021, the FAIR Plan was allowed to begin offering coverage for farm buildings and business personal property. Coverage for buildings and property involved in commercial agriculture was previously prohibited by statute.
Farmers interested in purchasing basic fire insurance from the FAIR Plan should work with their broker to determine appropriate coverage limits and submit an application for coverage.
Related:
Was this article valuable?
Here are more articles you may enjoy.
Zurich to Buy AIG’s Travel Insurance Business for $600 Million 
GEICO Tops Progressive With Higher J.D. Power Scores 
German Insurtech Wefox to Replace CEO After Board Rejects Mubadala Sales Plan 
Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps 
