State Farm, California's largest homeowner's insurance provider, has indicated where it will not be renewing policies, and hundreds and hundreds of San Diego residents will be affected, according to a document provided by the California Department of Insurance.
"This decision was not made lightly, and only after careful analysis of State Farm's financial health, which continues to be impacted by inflation, catastrophe exposure, reinsurance costs and the limitations of working within decades-old insurance regulations," the statement read.Homeowners who live in areas at high risk of catastrophes like wildfires will have to buy into the California FAIR plan subsidized by the state. It’s expensive and offers only fire coverage.
"To allow insurers to better manage risk, that would mean being able to charge what is commonly known as actuarially-sound rates – something that is not occurring today," said Mark Friedlander of the Insurance Information Institute.
Source: Real Estate Daily Report (realestatedailyreport.net)
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