Californians subsidize mansion wildfire coverage

California’s wildfire insurance crisis has led affluent communities to represent a growing share of the state’s insurer of last resort, the FAIR Plan. Nine ZIP codes, primarily wealthy and high-value areas, account for about 7% of the plan’s liability exposure, increasing significantly since 2022. This concentration of risk threatens the financial stability of the program and results in higher premiums for middle-income households, as high-value properties are effectively subsidized, and the plan’s exposure continues to rise amid increasing wildfire threats.

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