“It was just out of the blue. I’m definitely in a pinch. Now I’m just kind of scrambling to get quotes,” said Don Baker, a Boulder Creek homeowner whose policy was cancelled…
Don Baker poses for a portrait with his non-renewal of insurance notice from Farmers at his home Saturday, June 3, 2023, in Bolder Creek, Calif. Baker is one of countless Californians suddenly finding it harder to insure their homes. His family had Farmers insurance for many years. When the CZU Lightning fire rampaged through the town, they evacuated and their home escaped the flames. But this year, Farmers told them they wouldn’t renew their policy when it expires in August.
Sharon Reeves said State Farm notified her last month that her policy on her San Ramon condominium — a policy she’s had for some 50 years — won’t be renewed. She believes it’s because she filed two claims in the past six years for hotel stays when her unit was damaged by a neighbor’s pipe leak. But she said she never was given the option of paying more than her $500 monthly premium.
“When carriers start walking away, that’s serious,” said Patrick Sullivan, senior editor of Orange County-based Risk Information Inc. “Something’s got to give. I think we’re in this kind of inflection point where California moves in the direction of Florida — Florida is not a market I’d want to replicate.”
Home insurers, Taylor explained, count on rates building up a reserve of funds over years to cover the occasional catastrophe. But losses from the 2017 and 2018 wildfire seasons wiped out nearly twice the combined underwriting profits for California homeowners’ insurers for the previous 26 years, he said.
Firefighters battle a fire at a home along Tucker Road during the Glass Fire in Calistoga, Calif., on Friday, Oct. 2, 2020. The fire engulfed 58,880 acres and damaged or destroyed nearly 400 buildings.
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