California's home insurance crisis worsens as State Farm non-renews 72,000 policies due to rising costs, catastrophe risk, and outdated regulations.
California's home insurance crisis deepens with State Farm's decision to non-renew 72,000 policies, citing rising costs, increasing catastrophe risk, and outdated regulations. This follows similar actions by Allstate and USAA, leaving thousands of homeowners in the state with limited coverage options. The situation has led to an increase in policies through the California FAIR Plan, an insurer of last resort funded by the industry. While efforts were made last year to address the issue in the Legislature, they fell apart, leaving homeowners with limited and costly options or reliance on the FAIR Plan.
March 29, 2024
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