Suspected Tornado Wreaks Havoc at Oxnard Mobile Home Community
A powerful wind event, possibly a tornado, caused significant damage to multiple homes at Ocean-Aire Mobile Home Estates in Oxnard during a severe storm. The incident left residents without power and adds to recent weather-related challenges facing mobile home communities in Southern California.
California FAIR Plan Seeks $1 Billion to Cover Los Angeles Wildfire Claims
California's insurer of last resort requests unprecedented $1 billion in funding to cover claims from devastating LA wildfires that killed 29 and destroyed 17,000 structures. The FAIR Plan's policyholder base has doubled since 2020 as private insurers retreat from high-risk areas.
Los Angeles Wildfire Insurance Claims Surpass $4 Billion as Recovery Continues
Insurance companies have distributed $4.2 billion in claims to survivors of devastating Los Angeles County fires, with over 31,000 claims submitted. The Eaton and Palisades fires rank among California's most destructive wildfires, prompting insurance workshops and advance payment options for affected residents.
Southern California Wildfires Set to Become Nation's Costliest Natural Disaster at $250+ Billion
Recent devastating wildfires across Southern California are projected to cause unprecedented economic losses between $250-275 billion, surpassing Hurricane Katrina as the most expensive U.S. natural disaster. The fires have claimed 28 lives, forced mass evacuations, and destroyed thousands of high-value properties in affluent areas.
California Overhauls Insurance Rules to Rescue Struggling Home Coverage Market
California implements major regulatory changes allowing insurers to use forward-looking catastrophe modeling for rate-setting, aiming to stabilize the troubled home insurance market. The reforms have already attracted major providers like Farmers Insurance back to the state, with more market activity expected by 2025.