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Here's what's going on — and some steps homeowners can take now to lessen the blow. Read more:State Farm won’t renew 72,000 insurance policies in California, worsening the state's insurance crisis
"State Farm to pull out of 72,000 California insurance policies," blared a Reinsurance News headline. State Farm provides nearly 21 percent of state homeowner policies, so this is big news.
In Pacific Palisades, more than 1,600 policies weren't renewed. State Farm had already said in 2023 that it would no longer offer home insurance to new customers in California, in part because of ...
Get major insurers to write policies for high-risk areas: The California Department of Insurance is looking for the top 12 home insurance companies in the state to commit to writing a minimum of ...
Insurance giants State Farm, AIG, and Allstate have each stopped writing homeowner policies in California because of wildfire danger. According to a report issued Wednesday by JP Morgan, the ...
That would mean that an insurer that has a 10% share of California's home insurance market would have to write 8.5% of the policies in such neighborhoods. The department released preliminary maps ...
California Insurance Code Section 676 requires insurers to provide a specific reason for non-renewal at least 75 days before the policy expires, allowing homeowners time to address issues or find ...
(The Center Square) - California homeowners may face noticeable insurance rate hikes under new rules finalized by state regulators that allow property insurers to use complex climate algorithms ...
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