Update: Navigating California’s Insurance Crisis?
Welcome to the California Insurance Crisis…Insurance carriers have pulled back from California’s home and property insurance market due to ongoing wildfire risks and soaring construction costs. As a result, many insurers have stopped writing new policies in California, the nation’s most populous state. During the past two years, State Farm, for example, announced it would stop accepting applications for all California business and personal coverage lines of property and casualty insurance, citing inflation, a challenging reinsurance market and “rapidly growing catastrophe exposure. More…
The skinny
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