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 Many insurers have withdrawn from selling More recently, the size of the issue became particularly clear when a project to upgrade a fire station in the area stalled due to a lack of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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California condo insurance company leaves the state
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…
Read MoreClimate change is sending California into an insurance crisis
Increasingly frequent and damaging wildfires are making coverage extremely expensive, when it’s available. Climate change has been blamed for the worsening wildfires that have plagued California over the last few years, and this problem has been affecting the insurance industry to an increasing degree, as coverage becomes more difficult to obtain, and challenging to afford when it is available. Major insurers State Farm and Allstate have stopped selling new home and business policies in California. As is the case with natural disasters in other parts of the country, such as…
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