If I were an insurer doing business in California, I would be finalizing my exit strategy right about now.
I know State Farm has said it’s California subsidiary will go bankrupt unless the State approves substantial rate hikes effective May 1.
Just a humble guess....2025 is the last year that insurance companies operate for home-coverage in Cali. By August, most all will send out the note...life insurance and car insurance will be the only things they offer.
Now...how mortgages situations will work after that? Unknown. Most probably will clamp down and cease all home loans until the state resolves this.