State Farm, California’s largest insurer, announced it will not renew coverage for 72,000 homes and apartments as the wildfire-ravaged state’s insurance market continues to reel.
A firefighter works to protect homes surrounding residences engulfed in flames by the CZU Lightning Complex fire in Boulder Creek, Calif., on Friday, August 22, 2020. State Farm, California’s largest insurer, announced it will discontinue coverage for 72,000 homes and apartments starting this summer, a move likely to sharply inflate housing costs for affected residents in a state that’s reeling from a series of destructive recent wildfires.
insurance commissioner embarks on a yearlong overhaul of home insurance regulations aimed at calming California’s imploding market “The commissioner has the authority and the responsibility to open up an investigation,” Rosenfield said. “The rate we’ve just approved is excessive based on the fact you’re dumping 72,000 policyholders.”
Dependence on the FAIR plan has soared as many of California’s largest home insurers began limiting coverage in recent years after a series of destructive wildfires that followed a prolonged drought — 14 ofpolicies has more than doubled in five years, from 154,494 in September 2019 to 339,044 in December
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