Ventura County homeowners who rely on the state‑run California FAIR Plan will see their insurance premiums rise sharply this fall. The plan, which serves as an insurer of last resort for properties that cannot obtain coverage in the traditional market, announced an average statewide increase of just over 29% for new and renewing residential policies effective Oct. 15.
How the increase breaks down locally
While the 29.1% figure is an average, the actual impact will vary by ZIP code and by each property’s exposure to wildfire risk. In the Ventura County ZIP codes covering Camarillo (93010, 93012), Moorpark (93021), Thousand Oaks and Newbury Park (91320, 91360, 91361, 91362), the plan holds more than 13,000 residential policies. Those areas represent roughly 70% of the county’s 16,348 FAIR Plan policies.
Applying the statewide average to existing premiums suggests an additional $1.1 million in annual premiums for Camarillo policies and $5.7 million for the Thousand Oaks/Newbury Park ZIP codes. However, homeowners in high‑wildfire zones could see substantially larger hikes, while those in lower‑risk areas may experience smaller increases or even a reduction.
Wildfire risk drives the numbers
Hilary McLean, a spokesperson for the FAIR Plan, explained that the largest component of the increase relates to the wildfire portion of each policy. “Policyholders whose properties are at significant risk of wildfire will see a higher increase than those whose properties are at lower risk, and some policyholders will see a premium decrease,” she said.
Data from the plan show that in the 91361 ZIP code covering the Thousand Oaks‑Westlake Village area, nearly 35% of policies are classified as high risk. By contrast, Camarillo’s 93010 and 93012 ZIP codes and Moorpark’s 93021 have no policies listed as high wildfire risk.
Potential discounts for fire‑hardening
Homeowners can offset part of the cost by qualifying for the FAIR Plan’s fire‑hardening discounts. If a property meets all 12 discount criteria—such as fire‑rated roofing, ember‑resistant vents, multi‑pane windows, and a defensible space of at least five feet—owners could reduce the wildfire portion of their premium by up to 16.4%.
The plan’s overall exposure has surged dramatically since 2022, growing from about 300,000 policies to 696,560 statewide, with total exposure climbing from roughly $300 billion to $768 billion. This reflects the broader contraction of the private homeowners‑insurance market in California.
What homeowners should do
Residents with FAIR Plan policies should review their renewal notices carefully and consider fire‑hardening improvements that may qualify for discounts. Because the plan does not provide the full suite of coverage found in conventional homeowners policies, many policyholders also purchase a separate Difference in Conditions (DIC) policy to cover liability, theft, and water damage.
For those whose premiums become unaffordable, the FAIR Plan remains a critical safety net, but the upcoming rate changes underscore the importance of mitigating wildfire risk and exploring supplemental coverage options.
Original reporting: Thousand Oaks Acorn — read the source article.
