Yesterday, Allstate became the second major insurance provider to announce it will no longer sell new coverage policies in California. The company cited forest fires and a rise in natural disasters as reasoning to pull out of the state.
SAN DIEGO – In the past month, two major insurance providers have stopped accepting applications for new coverage plans in the state of California.
StateFarm and Allstate both cited a rise in forest first and an increase in construction and labor costs in their reasons for pulling out of the state. President and CEO Brent Wilsey of Wilsey Asset Management joined KUSI’s Hunter Sowards to discuss the issue.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Allstate, State Farm halt new home insurance policies in CaliforniaAllstate and State Farm both announced in the last week that they would be halting insurance policies citing inflation and natural disasters in the state.
Read more »
State Farm, Allstate not accepting new homeowner policies over California wildfire riskInsurance companies like State Farm and now Allstate are not accepting new homeowner policies due to California’s wildfire risk.
Read more »
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 ⬇️
Read more »
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
Read more »
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.
Read more »
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.
Read more »