Posted on 05/27/2023 4:26:10 PM PDT by Robwin
State Farm said Friday, May 26, that it will stop accepting new applications for property and casualty insurance in California, citing rising construction costs and its “rapidly growing catastrophe exposure.”
The policy change for personal and business lines is effective Saturday, May 27, State Farm said. The change does not apply to personal auto insurance or existing home insurance policies in the state.
In a statement, the company said it would work with the California Department of Insurance to restore its market capacity in the state.
“We take seriously our responsibility to manage risk,” the company wrote. “However, it’s necessary to take these actions now to improve the company’s financial strength.”
State Farm holds the largest share of property and casualty insurance policies in the U.S. and controls about 8.3% of California’s market, writing at least $7 billion in premiums, according to 2021 data compiled by the state.
(Excerpt) Read more at eastbaytimes.com ...
But, “You’re in good hands with Allstate”.
Allstate is doing the same thing.
They’d be better off selling insurance in Ukraine.
Or the Congo. Or Rwanda.
“Allstate is doing the same thing.”
Family members were told that every major
insurance company will be doing the same thing.
We have been State Farm clients for 60+ years. 6 of our adult California family members have been State Farm Clients for decades.
Insurance presupposes the assumption of reasonable risk collectively distributed among law abiding people who share common values. California sorely lacks the type of people or values that make commercial insurance possible.
tumbling into the sea
So Donald Fagen will go back to Annandale after all. (Too late for Walter Becker, sadly)
Or when those same groups burn your entire community out, like they did mine. Foremost has raised everyone in Oregon 25%.
Cancellation is next.
The anarchists will burn us all out eventually and we won’t have insurance to rebuild. We are being erased.
(“We take seriously our responsibility to manage risk,”)
So does George Costanza!
The jar is round
The cup is round
They should call it “Roundtine”
That’s gold, Jerry! GOLD!!!
DOI Commissioner Ricardo Lara in September 2022 invoked a law — signed in 2018 by then-Gov. Jerry Brown — prohibiting insurance providers from canceling or refusing to renew plans for properties affected by wildfires until 12 months after the fire.
A moratorium on insurance price increases during the pandemic only heightened tension within the insurance industry.
“Risks are getting worse, and rates are going to have to go up to ensure insurers are solvent and operational in California,” Seren Taylor, a senior legislative advocate with the Personal Insurance Federation of California, told the Bay Area News Group in August 2022.
Lara in 2019 ordered California’s FAIR Plan, an insurance plan of last resort, to expand its coverage beyond fire to include liability, theft and other parts of a homeowner’s policy. Insurance companies, which manage and fund the state-created FAIR Plan, have challenged the newer rules in court.
Insurance companies wield a lot of power. When they start to bail it’s bad. Anymore you can’t put your left foot in front of your right without them. Especially businesses. They’re in business to make money, not hand it out.
Bookmark
We bailed out of CA and just dumped AAA and going with State Farm...I could not believe how much we’re saving!
Just think of the slip-and-fall risk on San Francisco streets...
They SUCK!! I have been dealing with them since December concerning a burst pipe in my elderly mom’s property.
I have to keep staying on their @ss because they are dragging their feet on payment.
People have to be tenacious...because these companies count on people just giving up.
Jake is saddened.
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