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.
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It was California’s largest property insurer in 2022
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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 ...
Just spit coffee all over my screen. Best laugh all day!
-PJ
The last time I looked, my SF homeowners policy wouldn’t pay for damages from civil disorder.
“This article from a SF news website shows a table of which zip codes in CA are”
I’m surrounded by effected zip codes. But not mine. Not that I have ever had State Farm Ins for anything
Trying to run a good business in California is nigh unto impossible what with the super- high taxes, restrictions, costly regulations, and political interference
When insurance companies decide to lower risk, I’m glad they reduce their premiums in the low risk areas. /s
If I got advice to pay out of pocket, I darned sure wouldn’t turn around and send a premium check afterwards. But then again, my mortgage ha has been paid off for `5 years and I’m not a slave to escrow accounts......
THEY?
I!
I can tell you today what’s coming: the largest collapse in Property Values ever seen in US history is what’s coming, and it’s going to hit CA first, and hardest.
I can tell you it’s coming like I can tell you the sun is rising today.
I just can’t peg exactly WHEN it’s coming, which bedevils me to no end, because I’m in an economic race to cash outta this sh!+hole State before the bottom falls out; 65% of my retirement is tied up in my house. [YIKES!]
My BEST scenario: my ex remarries her beau in NY and takes my youngest daughter with her, in which case I’m only stuck until the next youngest gets to HS graduation in 2027.
Mom’s in her late 80’s and doing danged well.
It’s an even bet whether she’ll see that graduation or not.
I’d hoped to hang in until the present Project closes out, but — when SHTF you don’t fret about hopes, you yank that black-and-yellow handle and EJECT!
Is California about to break off and fall into the Pacific? A 1960s fear or hope by many!
Gov Nauseous will have a law passed requiring SF to sell insurance to American citizens...and to be free to our Newcomers.
I’ve read that similar things are happening in Florida.
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