01/04/2024
I'm seeing a lot of posts regarding homeowners insurance in CA or the lack of. Yes, majority of insurance companies have stopped/paused writing insurance in CA. Other companies are leaving the state all together. The explanation of the issue is somewhat complex, but in short the State of CA (goverment) has caused this entire issue. We have gone from 15 personal lines carriers in our agency to 4. Also, only 2 of the 4 carriers are writing auto insurance. Keep in mind this lack of insurance is affecting ALL of CA not just high fire areas. If you have a home that is over 25+ years it is a lot harder to get insurance as well. To make things even worse, a few carriers will require you bundle the home and auto insurance. The magic question is how long is this going to last? To be honest that is really unknown. The folks in the higher fire area's things will continue to see higher rates. Also, insurance in general in CA will continue to increase another 15%-25% over the next few years. I think by 2026 majority of large carriers will be back in the market with higher rates and very tight guidelines.