Will New Legislation Lure Property Insurance Providers Back to California?

california property insurance

California’s Property Insurance Landscape through the Disaster Resiliency and Coverage Act In a significant move to address the growing challenges facing the property insurance market in California, Bay Area congressional representatives are spearheading an initiative designed to entice property insurance companies back into the state. Spearheaded by US Rep. Mike Thompson (D-St. Helena), the proposed bipartisan legislation seeks to mitigate insurance carriers’ losses by offering property owners financial incentives to enhance their emergency preparedness. Dubbed the Disaster Resiliency and Coverage Act (House Resolution 7849), the legislation was unveiled on Thursday…

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Louisiana home insurance discounts are disappointing many homeowners

Insurance discounts - Home roof Not impressed

Amid the state’s coverage crisis, there is debate regarding the size of the reductions for fortified roofs. Louisiana homeowners who have taken on the added expense of fortified roofs are finding that the insurance discounts they receive aren’t nearly as high as they would have expected. Fortified roofs are often expected to make coverage cheaper Homeowners across Louisiana have found themselves facing repairs again and again as the state is hit with major hurricanes over the years.  From Katrina to Ida, some homeowners chose to try to kill two birds…

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Two more insurers stop selling California home insurance

Home Insurance - California Sign - Goodbye post it

The state’s coverage crisis appears to be getting worse as two more insurers have stepped away. Two more home insurance companies have announced that they have ceased selling home insurance to new applicants in California. According to the insurers, the reason for its decision is that wildfire risk and construction costs have risen too high. The insurers are small but are part of a growing trend Trans Pacific Insurance Co. and Tokio Marine America Insurance Co. have both announced that they will not accept new applicants for home insurance in…

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Insurance Exodus: 2 More Companies to Exit California’s Homeowners Insurance Market

California Homeowners Insurance - Company Exits

Growing Trend Withdraw from California’s Market In a significant development within the insurance industry, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. have both declared their intentions to exit the homeowners and personal umbrella insurance markets in California. This decision places these companies alongside an expanding list of insurers that are choosing to either withdraw or scale back their operations in the state. Policyholders Affected: Tokio Marine’s Departure Impacts Thousands in California According to recent filings with the California Department of Insurance, both entities—subsidiaries of the Japan-based Tokio…

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California fire station project on pause because it can’t get property insurance

Property insurance - Pause Button on Fire Station

The crisis in the state is largely from wildfires, but even those battling them can’t get insured Wildfire risk is very high in many parts of California, leading to what many have called a property insurance crisis in both the residential and business markets. Many insurers have withdrawn from selling More recently, the size of the issue became particularly clear when a project to upgrade a fire station in the area stalled due to a lack of property insurance availability. Homeowners living in California’s mountains face a particularly high wildfire…

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