"Homeowners Insurance Companies Flee California Due to Rate Restrictions"

Homeowners insurance companies are leaving California due to state regulations preventing them from raising rates to reflect inflation and market conditions. State Farm is non-renewing existing policies and getting out of apartment policies entirely, while American National is also withdrawing from the state. The state's "protections" for policyholders affected by wildfires are not effectively addressing the insurance crisis, leading more Californians to rely on the FAIR Plan, an insurer of last resort. The state's bureaucratic hurdles and lack of competition are distorting the marketplace, and despite warnings, the state's leaders have not taken the necessary actions to address the insurance problem.