The fourth largest insurance carrier in California, Allstate, confirmed it is halting new home insurance policies in the state due to wildfires.
ABC7 reported how State Farm Insurance stopped selling new homeowner policies in California last Saturday -- now a second major carrier, Allstate Insurance, confirmed today it ended new home policies in the state last year. On top of that, sources tell ABC7 a third carrier, Farmers Insurance, is limiting policies for new customers. The exodus comes as wildfire season looms ahead.
And amid the devastation, thousands of homeowners in disaster zones lost their coverage over the years. Consumer advocate Amy Bach of United Policyholders says more than 100 carriers still offer new homeowner policies -- though they are growing more wary about risks in California. State Farm says: "We take seriously our responsibility to manage risk..." and, "It's necessary to take these actions now to improve the company's financial strength."
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