State Farm
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Like a good neighbor, State Farm ain’t there…
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California has an insurance “commissioner” that has to approve any rate increases. He isn’t. I don’t know about home-owners, but I do know that auto insurers are pulling out because they aren’t being allowed to raise rates. https://www.cbsnews.com/losangeles/news/auto-insurance-companies-pull-out-of-california/
The Brad
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California has an insurance “commissioner” that has to approve any rate increases. He isn’t. I don’t know about home-owners, but I do know that auto insurers are pulling out because they aren’t being allowed to raise rates. https://www.cbsnews.com/losangeles/news/auto-insurance-companies-pull-out-of-california/
@LuFins-Dad said in State Farm:
California has an insurance “commissioner” that has to approve any rate increases. He isn’t. I don’t know about home-owners, but I do know that auto insurers are pulling out because they aren’t being allowed to raise rates. https://www.cbsnews.com/losangeles/news/auto-insurance-companies-pull-out-of-california/
So like pretty much every shortage, it’s a policy decision.
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Allstate:
https://www.sfchronicle.com/california/article/insurance-allstate-fires-18130622.php
Allstate has stopped writing new homeowner, condominium and commercial insurance policies in California, the company confirmed to The Chronicle.
The insurer, the fourth largest property and casualty insurance provider in the state in 2021, paused new policies “so we can continue to protect current customers,” spokesperson Brittany Nash wrote in an email to the Chronicle.
The pause began last year but appeared to receive only a passing mention in industry publications. The Chronicle learned of the development this week, after reviewing an Allstate rate increase request to the California Department of Insurance.
It was not immediately clear what prompted Allstate’s pullback on new policies. But State Farm, the largest provider of property and casualty insurance in California, made waves in late May by announcing it would stop issuing new homeowner policies in the state due to inflation, wildfires and rising reinsurance costs.
That Allstate quietly did the same thing last year signals that insurance woes in the state may be more severe than the public is aware of. -
Not only no new policies, 72,000 not getting renewed.
https://finance.yahoo.com/news/state-farm-announces-major-insurance-150000813.html
State Farm stated that it would discontinue coverage for around 30,000 homes and 42,000 apartments, citing surging costs, increasing risks of disasters such as wildfires, and outdated insurance rules as reasons for terminating the policies, per the Associated Press.
And...it's
global warmingclimate change...According to the AP, California's elected insurance commissioner is reforming the state's home insurance regulations to restabilize the market.
"Changes to outdated regulations will improve choices for all Californians so everyone has options beyond the FAIR Plan," deputy commissioner Michael Soller told the Register.
We can help homeowners in high-risk areas by switching to electric appliances, powering our homes with solar energy, and making sustainable choices when we shop. Even one small change, multiplied by thousands of people, can help curb the pollution driving more extreme weather.
