Tag: California homeowners insurance

California, Colorado and Texas Face Billion-Dollar Home Insurance Dilemma

Nordstrom
california wildfire risk landscape

California’s Growing Wildfire Risk for Home Insurance Market California homeowners face a growing problem: over 1.2 million homes are at moderate or high risk of wildfire damage, with reconstruction costs exceeding $760 billion. According to CoreLogic’s Wildfire Risk Report, this is particularly concerning for those living in the Wildland Urban Interface (WUI), especially in areas like Los Angeles, San Diego, and Riverside. Climate change is a significant factor, with NOAA’s data showing the number of acres burned each year has nearly doubled since the early ’80s. Reconstruction costs for damaged…

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Governor Newsom Calls for Swift Action on Property Insurance Rate Increases

Julie Campbell
Property insurance Crisis - California Flag - Solve Now

Newsom wants lawmakers to hasten the approval processes for insurers to improve the market California Governor Gavin Newsom has issued a call to lawmakers, urging them to expedite the approval processes for property insurance companies that are seeking to increase their rates. The governor feels the market overhaul is too slow Newsom recently addressed the press in Sacramento to announce the push he is making for legislation to require the California Department of Insurance to set a limit of no longer than 60 days for the completion of rate-filing reviews.…

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California lawmakers aim to bring insurance companies back again

Logan B.
Insurance Companies Laws - California

Congressional reps from the Bay Area are seeking to draw insurers with legislation changes Congressional representatives in California’s Bay Area are working on legislation that they hope will appeal to home insurance companies and bring them back into the state. California has been bleeding property insurers The new legislation could help insurance companies to decrease their losses by providing property owners with financial incentives to better their emergency preparedness.  Though this might not stop some of the major threats to the area, such as wildfires, it could be beneficial in…

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Two more insurers stop selling California home insurance

Nordstrom
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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California condo insurance company leaves the state

Marc
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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