Tag: homeowners’ associations

California’s FAIR Plan Offers a Lifeline, But Is It Sustainable?

Nordstrom
California Wildfires Costs

California Expands FAIR Plan Insurance Limits Amid Wildfire Risks and Insurer Withdrawals The California Fair Access to Insurance Requirements (FAIR) Plan serves as the state’s insurer of last resort, stepping in to provide essential property coverage when traditional insurers leave high-risk zones. Established in 1968, the FAIR Plan is a private consortium of insurance companies operating under state oversight. It was never designed to replace private insurance but to act as a safety net for those unable to secure coverage due to location or elevated risk factors. Recent years, however,…

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Why Homeownership Is Getting Harder in HOA Communities

Angela Linders
HOA Communities affected by homeowner's insurance

Rising Insurance Costs Hit Homeowners’ Associations Hard Homeowners’ associations (HOAs) across the United States are dealing with a growing challenge that’s hitting both their budgets and the wallets of individual homeowners—rising insurance costs. This trend, fueled by climate-related risks, aging infrastructure, and shifts in the insurance market, is reshaping how HOAs operate and, in many cases, forcing difficult decisions at both the board and homeowner levels. The Insurance Crunch: A Nationwide Issue From Florida’s hurricane-prone coastlines to hail-prone states like Minnesota and Colorado, insurers are either raising premiums dramatically or…

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