Thanks for the color in the State Farm article.
One error to clarify…
”However, FAIR caps coverage at $1.5 million for the dwelling and $1.5 million for personal property, with an aggregate limit of $3 million for both combined.”
The California FAIR plan $3mn limit does not have $1.5mn sub limits on dwelling and contents.
It’s $3mn combined but the mix can be for example $2mn dwelling and $1mn contents.
There used to be a $1.5mn combined limit but that was raised to the $3nn in 2020.
https://www.insurance.ca.gov/0400-news/0100-press-releases/2019/release089-19.cfm
“Effective April 1, 2020, the FAIR Plan will increase the combined dwelling coverage limit from $1.5 million to $3 million. Increasing the FAIR Plan’s dwelling coverage limit makes sense in today’s real estate market in California. In many areas where people are forced to turn to the FAIR Plan for coverage, they find the $1.5 million coverage limit is not enough and need to find additional coverage, often through the surplus lines market.”
Not helpful to all but helpful to some.
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