Farmers Insurance Implements Restrictions on California Homeowner Policies
Originally Published 2 years ago — by KTLA Los Angeles
Farmers Insurance has announced that it will limit new homeowner insurance policies in California due to rising inflation and increased costs from severe weather events. The decision, effective July 3, is aimed at managing the company's business while serving existing customers. This follows similar moves by Allstate and State Farm in June, who also restricted their insurance offerings in the state. The limitations come after California Insurance Commissioner Ricardo Lara implemented new insurance protections, including increased payouts and benefits for wildfire survivors, to reduce costs and enhance transparency.