![]() If you are insured by a carrier that has announced it’s leaving your state, you should have some time to shop for a provider. What California Residents Can Do To Find Homeowners Insurance Coverage As of early June 2023, the state has experienced 985 fires that have burned more than 1,000 acres. In 2022, California had 7,490 wildfires, which collectively destroyed 362,455 acres and killed nine people, according to Cal Fire, the state’s Department of Forestry and Fire Protection. Soaring inflation has driven up the cost of rebuilding damaged homes, while the risk of wildfire remains high. State Farm, with more than $7 billion in written premiums, was the largest property insurer there at the time.Ĭalifornia has become an increasingly expensive state for property insurance carriers. State Farm said in a May 26 press release that its withdrawal was “due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market.”Īs of 2021, according to the California Department of Insurance, Allstate had nearly $4.4 billion in written property and casualty premiums in the state, making it the fourth-largest insurer there. announced that it would no longer issue new property insurance policies in the state, effective May 27, 2023. Just days before the Allstate news broke, State Farm General Insurance Co. Would-be customers who enter a California ZIP code on Allstate’s website get a message saying the company does not offer property insurance there. ![]() It indicated that the pause would become permanent in a notice recently sent to the California Department of Insurance, according to numerous media reports. Fellow insurance giant State Farm announced a similar decision last month, citing wildfire risks and skyrocketing construction costs.Īllstate quietly put new property coverage in California on pause last year. is no longer issuing new homeowners insurance policies in California.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |