State Farm says the risk is too high in California and will no longer issue homes or businesses there.
I’m hearing from several agents in the industry that other insurers are in the processing of getting out or will be very soon.
I guess all those woke politics and green measures aren’t so popular after all when it affects the bottom line.
State Farm will no longer insure homes, businesses in California due to fire risks and costs
State Farm announced Friday that it will not take new applications for personal line or business property and casualty insurance in the state of California.www.washingtontimes.com
It is because fire damages have been excessive. It has nothing to do with politics.
Leftists will claim it is because climate change has increased the frequency of fire.
The correct answer is that expensive homes have increasing been built in areas vulnerable to fire and home price inflation has made it super hard to price this risk.