Insurance California Policy News

State Farm's Decision to Not Renew Thousands of California Policies Sparks Insurance Crisis

California's insurance commissioner, Ricardo Lara, has responded to State Farm's decision to not renew over 70,000 insurance policies in the state, calling it a "real crisis." He aims to examine the company's finances while balancing the need to keep them in California. Consumer Watchdog advocates for new laws requiring insurance companies to sell to everyone who does the right thing and protect their homes. Lara's plan involves changing insurance models to assess risk better and lower rates for those who protect their homes, and he urges affected policyholders to notify the California Department of Insurance for assistance in transitioning to other insurers.