Mercury Insurance is preparing to file updated home policy rates in California using a new catastrophic modeling system designed to give property owners a lifeline to more affordable coverage in wildfire-prone areas.

The company said it is looking to offer homeowners an alternative to the California Fair Access to Insurance Requirements , or FAIR Plan, an insurer of last resort. The policies rates would apply to anyone who wants Mercury Insurance coverage, even in designated wildfire areas.

So far, other insurance providers have yet to announce if they will follow Mercury’s lead.

RELATED: California’s property insurance apocalypse: Some progress, no immediate relief

FAIR Plan policies have skyrocketed in recent years after traditional insurers stopped writing new policies while c

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