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California isn’t the only state facing pressure on its “last resort” insurance plan. Florida covers nearly 1 million households on its Citizens Plan, making it the largest property insurer ...
In 2024, State Farm, the largest insurer in the state, cut policies in the Santa Monica Mountains, resulting in 70% of customers in Pacific Palisades – about 1,600 homeowners – losing coverage ...
State Farm Insurance, the largest insurance company in California, is asking regulators for the OK to raise property insurance rates by 22 percent just weeks after fires ripped through Los Angeles ...
A State Farm insurance company sign sits amid the rubble of a building destroyed by the Palisades Fire on Sunset Boulevard in the Pacific Palisades neighborhood of Los Angeles on January 16, 2025.
State Farm, the state's largest home insurer, announced in March it would not renew 72,000 property insurance policies, while Chubb and its subsidiaries stopped writing new high-value homes with ...
Between 2020 and 2022, insurers canceled 2.8 million home coverage policies in the state.
The financial fallout from the fires may also deliver a fatal blow to California’s crumbling insurance industry. Many leading providers like State Farm and Costco have already restricted or ...
State Farm had already said in 2023 that it would no longer offer home insurance to new customers in California, in part because of catastrophe exposure. Allstate, the sixth-largest home insurer ...