Tag: California insurers

Liberty Mutual Drops a Bombshell on California Condo and Renters Insurance Market

Angela Linders
Liberty Mutual

Liberty Mutual to Exit California’s Condo and Renters Insurance Market by 2026 Liberty Mutual, the fourth-largest home insurance provider in California, has announced plans to discontinue offering new condo and rental insurance policies starting January 1, 2025. The company aims for a full exit from these markets by 2026. This decision follows a wave of insurance companies pulling back from California, citing increasing risks and market volatility. Liberty Mutual’s subsidiary, Safeco, will also cease providing these policies, leaving thousands of Californians searching for alternative insurance options. Insurance Company Background Over…

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California examines new home insurance pricing strategy for wildfire crisis

Logan B.
Home insurance - Price Strategy

The state plans to allow insurers to take climate change into consideration when setting their rates. California intends to let home insurance companies factor climate change into the way they calculate their rates, according to the chief regulator for the state. The goal is to help prevent the loss of insurers from the state due to the rising risk of wildfires. Wildfires, mudslides and other natural disasters associated with climate change have become increasingly commonplace and severe in the state. This has wreaked havoc on the coverage industry, which is…

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