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Non Renewal

All articles tagged with #non renewal

insurance1 year ago

State Farm's Homeowners Insurance Cancellations: Local Impact and Affected Zip Codes

State Farm is dropping 30,000 homeowner’s insurance policies in California, affecting residents in 50 zip codes across San Diego County due to inflation, regulatory costs, and increasing catastrophe risks. Former San Diego Councilmember Scott Sherman attributes the issue to politics and regulatory restrictions, leading to limited options and soaring premiums for affected policyholders. Governor Gavin Newsom's emergency declaration aims to address the situation, with impacted customers retaining coverage until their current contracts expire.

via FOX 5 San Diego|
#california#homeowners-insurance#insurance
insurance1 year ago

State Farm's Discontinuation of Home Insurance Policies Hits Wealthy Bay Area and LA Zip Codes

State Farm, California's largest insurer, is set to discontinue homeowners insurance coverage for thousands of houses and apartments in various zip codes across the state, with the Bay Area counties topping the list. The company cites increased risk of catastrophic wildfires, outdated regulations, and higher costs as reasons for the non-renewals, leaving many residents struggling to find alternative coverage in high-risk areas. The affected policyholders will retain coverage until their current contracts expire, but options for obtaining new insurance are limited and potentially expensive, with some being directed to the California FAIR Plan, the state's insurer of last resort.

via CBS San Francisco|
#california#high-risk-areas#homeowners-insurance
insurance-california-policy1 year ago

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.

via KABC-TV|
#california#insurance-california-policy#insurance-commissioner