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California’s relentless wildfires have sparked not only destruction but a growing insurance crisis, leaving thousands of residents without coverage as the flames consume homes and lives.
Four home insurance companies say they will not renew policies for people in California starting next year. That follows similar decisions by Allstate and State Farm dating back to last November.
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
Two insurance industry giants have pulled back from California's home insurance marketplace, saying that increasing wildfire risk and soaring construction costs have prompted them to stop writing ...
California's home insurance crisis: What went wrong, how it can be fixed and what owners can do. Laurence Darmiento. March 29, 2024 at 4:08 PM. ... The companies are blaming wildfires, inflation ...
“The result,” it wrote, “is that insurance companies are raising premiums by as much as 50% or more, cutting back on coverage or leaving entire states altogether.”
"California's one-two punch—forcing companies to write risky policies while also limiting their ability to charge market rates—would leave insurers with little choice but stop writing new ...
"Broadly speaking, the insurance commissioner, to the extent that he can, has been reasonable at allowing rate increases for companies that want to continue to do business in California." Lara's ...