california property insurance Archives

Will New Legislation Lure Property Insurance Providers Back to California?

April 29, 2024April 28, 2024 Loreen

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…

Two more insurers stop selling California home insurance

April 24, 2024April 23, 2024 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…

California condo insurance company leaves the state

February 1, 2024January 31, 2024 Marc

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…

California fire insurance FAIR Plan now has 350,000 policyholders

January 30, 2024January 29, 2024 H. Cutner

Fire insurance - Home Coverage - California insurance

The coverage of last resort is now writing more policies, but not all plan members are satisfied. California’s FAIR Plan, its fire insurance coverage of last resort, is now writing a growing number of policies as homeowners turn to the coverage out of a lack of alternatives. The more policies the FAIR Plan writes, the less satisfied homeowners report being with it. Homeowners have been registering complaints regarding the poor services they are receiving from their fire insurance companies, about the rising costs associated with coverage, and about the threats…

California market loses yet another homeowners insurance company

November 20, 2023November 19, 2023 Marc

The state has been struggling with a rapidly shrinking market due to considerable challenges. California is losing yet another homeowners insurance company from its market as a company owned by the second largest home insurer in the state announces that it will be ceasing operation in the state. This will leave tens of thousands of property owners looking to find new coverage. Farmers Direct Property and Casualty Insurance Company, an insurer owned by the second largest homeowners insurance provider in California’s property market, has surrendered the Certificate of Authority it…