“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…
Farmers Insurance had covered Don Baker’s light-gray house with powder-blue trim since he and his family moved to Boulder Creek 13 years ago. A few weeks ago, he got notice his policy won’t be renewed after 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.
. “It’s not just affecting people on the borderline of the mountains or foothills or whatever. In the last three years I’ve had to rewrite 50 people at a minimum for being non-renewed — all in the Bay Area.”
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