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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Allstate is no longer selling new California home insurance policies

California home insurance - homeowners insurance policy - X

Immediately after State Farm’s exit from selling in the market, its top competitor has done the same. Allstate has announced that it is no longer selling new California home insurance policies, removing it from the pool of available coverage for homeowners following State Farm’s exit from sales only days before. That said, despite the fact that the announcement was only just made, the insurer’s statement said it stopped accepting new policies as of last year. This means that two of the largest insurers in the country are no longer selling…

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Is a homeowners insurance crisis heading to California?

Insurance crisis - Homeowners insurance

Louisiana and Florida area already scrambling to keep their industries alive, but is California next? As premiums have been rapidly climbing in various parts of the industry in California, experts are starting to wonder if it will be the next state facing a homeowners insurance crisis. State legislators are pushing Commissioner Ricardo Lara to take action to support residents. Condominium policy premiums have been climbing particularly fast in the state. A number of state legislators have written to Insurance Commissioner Ricardo Lara in a push to take action to support…

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As floodwaters rise in California, flood insurance covers few homeowners

Flood insurance - Home near rising waters

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…

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Wells Fargo is leaving the California renters insurance market due to violations

California Renters Insurance - Wells Fargo Building

The financial services giant gave up its license in the state as a part of a wider settlement. Wells Fargo is no longer licensed to sell or broker California renters insurance for at least three years. The firm has given up its license for personal insurance in the state as a part of a settlement with California. The bank agreed to the settlement over allegations of signing unknowing customers up for policies. Aside from no longer being able to sell California renters insurance and life insurance coverage, the bank also…

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