Tuesday marked the first business day since a major California insurance company, State Farm, announced it will no longer issue new homeowners insurance policies anywhere in the state.
and said customers who already have policies won't see those canceled. However, homeowners say the trend is unsettling.
"It's more difficult than it has been in the past, that's for sure," said Mike Morgan, a second-generation insurance broker at Gene Morgan Insurance Agency. Gene was his father and founded the business in Livermore for more than 70 years. Morgan says it's now harder to get policies in places like Orinda and Lafayette, parts of Walnut Creek, Concord and Martinez, and even areas of Pleasanton and Livermore.In some cases, Morgan has seen annual homeowners insurance rates go up by as much as 400% to 800%, a problem that could get worse as State Farm leaves California because less competition means even higher rates.
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