Farmers subsidiary Foremost has announced that it will no longer sell this type of coverage in the state. Farmers subsidiary Foremost Insurance Co. has announced that as of April 2024, it will stop selling condo insurance in California. The California Condominium Homeowners program will be coming to an end at that time. This makes Foremost only the latest among many insurers that have decided to withdraw from selling coverage in the Californian market. Homeowners’ and condo insurance have been increasingly difficult for many residents to find, and those who do…
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California fire insurance FAIR Plan now has 350,000 policyholders
The coverage of last resort is now writing more policies, but not all plan members are satisfied. California’s FAIR Plan, its fire insurance coverage of last resort, is now writing a growing number of policies as homeowners turn to the coverage out of a lack of alternatives. The more policies the FAIR Plan writes, the less satisfied homeowners report being with it. Homeowners have been registering complaints regarding the poor services they are receiving from their fire insurance companies, about the rising costs associated with coverage, and about the threats…
Read MoreConsumer advocates say home insurance is still available in California without State Farm
They are assuring property owners that other insurers will be able to help them find coverage. State Farm recently announced that it would no longer be accepting new home insurance and business insurance applications in California, due to the increasing frequency of wildfires and the rising cost of repairs. Many property owners are now wondering how they will be able to find coverage in the state. According to consumer advocate groups, there are still opportunities to find home insurance coverage in the state, though some are hoping that since State…
Read MoreAs floodwaters rise in California, flood insurance covers few homeowners
Rainstorms have been soaking the state, placing property owners at risk of uncovered water damage. Throughout the entire state of California, only about 230,000 homes and other properties are covered by flood insurance policies. This coverage is not included in standard home policies, leaving Californians vulnerable. Therefore, only about 2 percent of California properties have flood insurance coverage against rising waters from storms such as those that have been soaking the state in recent weeks. For most of the properties that are covered, the federal government is the insurer. About…
Read MoreCalifornia Assemblymember Levine’s wildfire budget aims to reduce insurance premiums
Levine has called for $10 billion to boost defensible space and reduce the cost of coverage. California Assemblymember Marc Levine (D-Marin County) has announced a $10 billion budget request as Governor Newsome readies for the May budget revision. The revision is expected to show surplus funds that could potentially be greater than $68 billion. Levine wants half of the $10 billion wildfire risk budget to be aimed at home hardening strategy implementation in areas of high wildfire risk. He is also seeking to ensure that insurance premiums can be reduced,…
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