Experts expect thousands more homeowners in fire-prone areas will have to resort to buying insurance through the state's FAIR program -- which is expensive and provides only bare-bones coverage.
The threat of wildfires has grown every year, ripping through forests, scarring hillsides and destroying whole communities.
And Allstate Insurance, the fourth largest carrier in California, just confirmed it stopped issuing new homeowner policies last year. Allstate also blamed wildfires and higher costs, saying, "The cost to insure new home customers in California is far higher than the price they would pay for policies."Now, sources tell 7 On Your Side, Farmers Insurance is limiting new homeowner insurance in California.
"They're trying to pressure the insurance commissioner to approve a $721 million additional increase in people's homeowners' insurance premiums that State Farm requested a few weeks ago," Rosenfield said.
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Farmers Insurance joins State Farm, Allstate in halting new policies in CA due to wildfire riskExperts expect thousands more homeowners in fire-prone areas will have to resort to buying insurance through the state's FAIR program -- which is expensive and provides only bare-bones coverage.
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