THE CA INSURANCE CRISIS

With insurance companies limiting their coverage or leaving California by the day, it can be difficult for consumers to track which insurance options are (and aren't) available. To help California homeowners navigate this complex situation, here is a roundup of the latest and most pressing insurance news from across the state.

Farmers Insurance limits new home insurance policies (7/10/2023). Farmers Insurance announced that it was placing a cap on new policies in California.

Allstate no longer selling new policies (6/4/2023). Allstate, California's fourth-largest home insurer, announced they were no longer writing new policies in the state, though they will continue to renew existing policies.

State Farm no longer selling new policies (5/26/2023). State Farm, California's largest home insurance provider, announced it would stop writing new policies. State Farm said they will continue to issue renewals to their existing customers.

"Insurance companies need to remain profitable enough to comply with state law and to pay out the claims of their existing customers, but this has proven to be increasingly difficult in recent years due to wildfire losses and other factors," said Angele Doakes, senior manager of property and casualty insurance strategy at Policy genius. "While many companies are restricting who can sell and purchase their insurance.

My Takeaway:   Insurance is one of the most corrupt industries in the country.  The total devastation in Hawaii this week, will further deepen the rift between insured and and the agencies. The costs and risk in CA is becoming challenging.  Your insurance costs are going up, not ONLY for your home, but your car etc.  Be prudent, diligent and thorough with your coverages and policies. Call your insurer this week and make sure you are properly covered. These companies are more and more not on your side.  

We deeply appreciate the trust and partnership you have extended to us. As some of the best realtors in Los Feliz and Greater Los Angeles, the Riley Real Estate & Home Mortgage team is dedicated to assisting you in discovering your dream home in the beautiful neighborhood of Los Feliz and surrounding Los Angeles areas.  We eagerly anticipate the opportunity to serve you in buying, selling, investing and mortgages and earn our reputation as a top realtor and make your real estate aspirations a reality.

Best,

Riley Schmidt