Posted on 03/21/2024 9:21:21 PM PDT by george76
State Farm plans to not renew roughly 72,000 property and commercial apartment policies in California starting this summer, the company announced Wednesday.
About 30,000 of the affected policies will be for homeowner, rental, residential community association and business owner insurance. The other approximately 42,000 will be for commercial apartment policies.
...
It was California’s largest property insurer in 2022
...
The decision follows the company’s announcement in May that it would stop accepting new applications for property and business policies. At the time, State Farm cited higher construction costs, a growing risk from catastrophic events, such as wildfires, and challenges related to how it insures its own business. In Wednesday’s announcement, the company referenced those same challenges as well as “the limitations of working within decades-old insurance regulations.”
(Excerpt) Read more at sacbee.com ...
bkmk
Evidently they believe something very bad is coming.
All part of the socialists’ plans to take over the industry.
Another bellwether of the economic decline of the once Golden State.
whoopsie
They know something bad is already here.
California lawmakers and bureaucrats.
Like a good neighbor, State Farm isn’t there.
“State Farm” sounds like USSR. I have State Farm auto and rental but not in Cal.
I contacted my agent and his advice to me ( I'm almost 83) was to pay out of pocket because if I file a claim chances are I will be terminated next round!!!... So far I have not even repaired the damage due to money issues AND fear of being cancelled.
Well you may as well make a claim now since you know you will not be renewed anyway.
I just got my renewal and am good to go for a while more, but thinking I had better do my homework and look around for another option.
Oh no! I was so happy that I have State Farm for a house because other people were being dropped by their home insurance providers. Holy Toledo!
As per usual, the state creates a situation and blames it on the producer.
The industry is overly regulated and the state overrides contracts. People who were underinsured during the big fires had the state intervene and force insurers to pay in excess of the policy. No one will do business if contracts are meaningless.
I wonder if Jake will get laid off?
LOL!
We also have SF for home and auto. So far they have functioned as expected. I’m guessing those to be canceled are in high risk areas. I hope that’s not you. Mold is a concern with flooding and you might want to look into that.
Probably replaced with a newcomer
This article from a SF news website shows a table of which zip codes in CA are affected, and to what extent (numbers and percentages for each zip code):
Most are in high wildfire-risk areas.
now recently I caused an accident...probably totaled my car, an older car....
so we'll see what happens...
my husband didn't exactly connect the new dishwasher up properly and it leaked small amts over a couple of weeks or less...some wood floor damage...but we don't dare call the insurance about it...we're in the "ignore" mode.
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