January 22, 2025

Ryan Lapine Discusses the California FAIR Plan with LA Business Journal

1 min

Ryan Lapine was interviewed by the LA Business Journal about the California FAIR plan. The following is an excerpt.

And even those covered by the California FAIR Plan – the Fair Access to Insurance Requirements program, which covers homeowners unable to find private insurance – may not be fully reimbursed; even after the disbursal rates were raised last year, homeowners are entitled to maximum payouts of $3 million. (Businesses are capped at $20 million.) Complicating matters, the New York Times reported the program had just $377 million available for claims this month – not a great prospect for an insurer that, by design, is overrepresented with high-fire-risk homes because it cannot deny coverage and is now involved in a disaster event that has caused at least $30 billion and growing in property damage.

Ryan Lapine, an insurance recovery attorney with the Century City outpost of Venable LLP, wondered whether the FAIR Plan would remain viable after this event.

“A lot of homeowners have had limited choices outside of the FAIR Plan,” he said. “That’s the existential crisis being borne out of this event.”

For the full article, click here.