Allstate and State Farm both announced in the last week that they would be halting insurance policies citing inflation and natural disasters in the state.
“We paused new homeowners, condo and commercial insurance policies in California last year so we can continue to protect current customers,” Allstate said in a statement. “The cost to insure new home customers in California is far higher than the price they would pay for policies due to wildfires, higher costs for repairing homes and higher reinsurance premiums.”made a similar announcement last week, saying the changes were necessary to improve the company’s financial strength.
“State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market,” the
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State Farm, Allstate No Longer Issuing New CA Policies - Videos from The Weather ChannelCiting rising costs from raging wildfires and skyrocketing repairs, two insurance companies say they are no longer offering home or business property insurance for new customers in California. The move could strain government-run insurance. - Videos from The Weather Channel | weather.com
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Allstate halting home insurance policies in California due to wildfire riskThe fourth largest insurance carrier in California, Allstate, confirmed it is halting new home insurance policies in the state due to wildfires.
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Allstate stops issuing property insurance policies in CaliforniaCosts and wildfires have reportedly caused Allstate to stop offering new property insurance to Californians after State Farm made a similar decision. MORE ⬇️
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Allstate Stops Selling New Home-Insurance Policies in California, Citing Wildfire RisksAllstate has stopped offering new home-insurance policies in California, saying it has become too expensive to insure new homes in the wildfire-prone state
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Allstate stops offering new home insurance in California due to wildfires, higher costs for home repairAllstate announced its no longer offering new home insurance policies in California due to high building costs and environmental concerns like wildfires.
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Allstate Quietly Paused New Home Insurance Policies in California Months AgoThis news comes after State Farm, another major insurer, announced leaving the state due to more wildfires and rising costs.
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