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For instance, in Northern California, 20% of homebuilders surveyed, at the time, said that buyers’ concerns over property insurance are somewhat slowing sales, and in Southern California, 29% of ...
Denni Ritter, a Western states lobbyist for the American Properties Casualty Insurance Assn., says: “What’s unique to California is our regulatory system under Proposition 103.
He said more than 130 companies compete for private passenger auto business and more than 70 companies write homeowners insurance. GEICO’s actions in California come as company commissioned Walk ...
In 2023, State Farm raised rates by an average of 20% for existing customers and said it would no longer accept new homeowners’ insurance applications in California. And in March, the insurance ...
Multiple insurers have stopped writing new home policies, and the state's largest home insurer, State Farm General, said this year it would not renew policies for 72,000 California property owners.
Between 2020 and 2022, insurers canceled 2.8 million home coverage policies in the state.
Insurers are pulling out of big states, and extreme weather and climate change is factoring into the decisions.
The massive fires that have destroyed much of Pacific Palisades and demolished more than 2,000 homes in Los Angeles County threaten an effort to fix California's troubled home insurance market.
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