Experts expect thousands more homeowners in fire-prone areas will have to resort to buying insurance through the state's FAIR program -- which is expensive and provides only bare-bones coverage.
The threat of wildfires has grown every year, ripping through forests, scarring hillsides and destroying whole communities.
And Allstate Insurance, the fourth largest carrier in California, just confirmed it stopped issuing new homeowner policies last year. Allstate also blamed wildfires and higher costs, saying, "The cost to insure new home customers in California is far higher than the price they would pay for policies."Now, sources tell 7 On Your Side, Farmers Insurance is limiting new homeowner insurance in California.
"They're trying to pressure the insurance commissioner to approve a $721 million additional increase in people's homeowners' insurance premiums that State Farm requested a few weeks ago," Rosenfield said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Allstate, Like State Farm, Stops Issuing New Home, Business Insurance in CaliforniaAllstate Insurance quietly stopped selling new homeowner and business insurance in California last year, the San Francisco Chronicle reported.
Read more »
‘California is meant to burn': Experts teach landowners art of prescribed burnsThe prescribed burn begins on a California hill with a drip torch to light brush, needles and fallen branches, the flames spreading out on the forest floor far below the tree canopy.
Read more »
Farmers Insurance joins State Farm, Allstate in halting new policies in CA due to wildfire riskExperts expect thousands more homeowners in fire-prone areas will have to resort to buying insurance through the state's FAIR program -- which is expensive and provides only bare-bones coverage.
Read more »
It's not just State Farm. Allstate stops selling new home insurance polices in CaliforniaAllstate tells regulators it has stopped selling new home insurance policies in California. State Farm said it's no longer accepting new applications.
Read more »
It's not just State Farm. Allstate no longer sells new home insurance policies in CaliforniaAllstate tells regulators it has stopped selling new home insurance policies in California. State Farm said it's no longer accepting new applications.
Read more »
ABC13's weekly virtual job fair focuses on programs to help job seekers with criminal backgroundsIf you have a criminal background and are looking for ways to land a job, this week's job fair highlights a program that helps people overcome challenges with a fresh start.
Read more »