California condo insurance company leaves the state

Condo insurance

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 market loses yet another homeowners insurance company

Homeowners insurance - Offered no more

The state has been struggling with a rapidly shrinking market due to considerable challenges. California is losing yet another homeowners insurance company from its market as a company owned by the second largest home insurer in the state announces that it will be ceasing operation in the state. This will leave tens of thousands of property owners looking to find new coverage. Farmers Direct Property and Casualty Insurance Company, an insurer owned by the second largest homeowners insurance provider in California’s property market, has surrendered the Certificate of Authority it…

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USAA and Farmers homeowners insurance rates spike by almost 15 percent

Homeowners insurance - Rates rising

A new S&P Global Market Intelligence report showed that the insurers were charging much higher premiums. The United States Automobile Association (USAA) and Farmers Insurance Group have raised their homeowners insurance rates by an average of almost 15 percent in 2023, according to a recent report. That increase is notably higher than all other major insurers in the United States. According to the October 3 S&P Global Market Intelligence report, the average increase in homeowners insurance rates across the country up to August was 8.8 percent. That said, through to…

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Farmers drops 100,000 auto and home insurance policies in Florida

Home insurance and auto insurance - files

The insurer has announced that it will no longer write new policies or renew existing coverage in the state. Farmers Insurance Group has announced that it will no longer be writing or renewing existing auto, umbrella or home insurance policies. This decision will impact about 100,000 customers across the state that is already facing a coverage crisis. The auto and home insurance company made its decision only one day after Florida Chief Financial Officer Jimmy Patronis threatened to take action against the insurer if it proceeded with its plan. Hearing…

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Farmers sets California home insurance limits, further restricting the state

Home insurance shopping online - Limits

This step was taken on the heels of State Farm’s and Allstate’s exit from selling there. Farmers Insurance has made a filing revealing that it is implementing restrictions on home insurance in California, further limiting the choices residents of the state have to protect their properties. Insurers have been blaming increasing wildfire risk and rising costs of repairs and replacements. Farmers is only the latest to change the way they do business in the Californian home insurance market. Allstate and State Farm both announced earlier this year that they will…

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