Largest home insurer in the country no longer offering policies in California

[JGC97]

Here's something you don't hear or see everyday. I actually got a rebate/refund of my premium for ... what did they call it? ... covid relief. I don't know. I got a notice from my insurance company saying they were refunding me money. Better than a rate hike, I guess. They may take it back next year when they raise my rates. Although, I did up my deductible so rates may stay the same. At least they haven't bailed out of the state.

[CA4Now]

Originally Posted by colobound65

2 more insurance companies are pulling out of Ca. Where’s Newsom?

He's apparently handed some of this over to Insurance Commissioner Lara.

California’s homeowners insurance crisis has been building for years as climate change and extreme weather have contributed to catastrophic fires that destroyed thousands of homes. There is now an effort in Sacramento to fix the problem through a series of reforms that have put the insurance industry and consumer advocates at odds.

Insurance Commissioner Ricardo Lara is seeking to make the market more attractive for insurers by allowing them to include the costs for reinsurance and future wildfires in their premiums. Consumer advocates worry the methodology for estimating the costs of future fires will not be adequately transparent and burden homeowners with excessive premiums. They also oppose passing on reinsurance costs to homeowners.

https://www.latimes.com/business/sto...nies-continues

[Ultrarunner]

I’m in process of buying out the old family home from siblings.

Very real possibility insurance may not be available or with exorbitant premium which may only be stop gap at best.

Time will tell.

[roadwarrior101]

Originally Posted by colobound65

2 more insurance companies are pulling out of Ca. Where’s Newsom? He’s hiding the only time he comments is to brag about Ca or bash other states ( which he’s still doing on X).

Convenient to blame the Dems, while overlooking that the same thing is happening in Florida under DeSantis: https://www.harrylevineinsurance.com...aving-florida/