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California Homeowners Face Wildfire Fee Spike | Business and Finance News
Description
A California judge has greenlit insurance companies to pass on wildfire-related bailout costs to homeowners, sparking outrage from consumer advocates who argue it violates state law. The ruling follows a record-breaking wildfire season that forced the state’s last-resort insurer, the FAIR Plan, to accept a $1 billion bailout — a move insurers are now recouping through surcharges approved under a 2023 agreement. Consumer Watchdog, which challenged the surcharges as illegal and industry-biased, is preparing to appeal, while insurers hail the decision as essential for maintaining coverage as more companies exit the market.
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