50 states, 50 experiments of how to maintain quality of living for homeowners and institute regulations, taxes, COVID policies, licensing requirements, continuing education cost, etc or lack thereof!  Looks like California is failing, not just at getting out of the way of insurers / insureds.

Bell_curve

Major California property insurer decides to not renew tens of thousands of policies

State Farm plans to not renew roughly 72,000 property and commercial apartment policies in California starting this summer, the company announced Wednesday.  About 30,000 of the affected policies will be for homeowner, rental, residential community association and business owner insurance. The other approximately 42,000 will be for commercial apartment policies.

That will make up a little more than 2% of the company’s footprint in the state, the announcement said. It was California’s largest property insurer in 2022 — the most recent data available — according to the Department of Insurance.  The decision follows the company’s announcement in May that it would stop accepting new applications for property and business policies. At the time, State Farm cited higher construction costs, a growing risk from catastrophic events, such as wildfires, and challenges related to how it insures its own business.

In Wednesday’s announcement, the company referenced those same challenges as well as “the limitations of working within decades-old insurance regulations.”

econ

State Farm decides to not renew tens of thousands of policies

**Major California property insurer decides to not renew tens of thousands of policies**

> State Farm plans to not renew roughly 72,000 property and commercial apartment policies in California starting this summer, the company announced Wednesday.  About 30,000 of the affected policies will be for homeowner, rental, residential community association and business owner insurance. The other approximately 42,000 will be for commercial apartment policies.

> That will make up a little more than 2% of the company’s footprint in the state, the announcement said. It was California’s largest property insurer in 2022 — the most recent data available — according to the Department of Insurance.  The decision follows the company’s announcement in May that it would stop accepting new applications for property and business policies. At the time, State Farm cited higher construction costs, a growing risk from catastrophic events, such as wildfires, and challenges related to how it insures its own business.

> In Wednesday’s announcement, the company referenced those same challenges as well as “the limitations of working within decades-old insurance regulations.”

50 experiments