Friends & DU family, if you live in CA and have State Farm homeowner's insurance...

[CousinIT]

...they are not renewing those policies there now and you may have to find another insurer. They should notify you 60-90 days ahead of time so you can find new coverage:

State Farm to pull out of 72,000 California home insurance policies

72,000 policy holders to be affected following effects of inflation, disasters

https://www.insurancebusinessmag.com/us/news/breaking-news/state-farm-to-pull-out-of-72000-california-home-insurance-policies-482069.aspx

[RandySF]

1. It's not the only company doing this.

[CousinIT]

2. I know. It's getting scary. I expect most coastal areas will be ininsurable as well as...

.... many other areas or states where there are a lot of natural disasters. With climate change making it all worse, this will be a major issue going forward - people won't be able to insure their homes or property.

[kelly1mm]

4. If you can't get insurance you can't get a mortgage. Thus only the ultra wealthy and investors

will be buying and will, I am sure, be more than happy to rent to those who cannot get a mortgage.

[BlueWaveNeverEnd]

3. scary times

[kysrsoze]

5. It's not across the board. It's 2% of State Farm CA policies...

Not good for those 70K, but it doesn’t affect all of us out here…

“Specifically, the company plans to discontinue renewals for around 30,000 policies, including homeowners, rental dwellings, and other property insurance such as those for residential community associations and business owners. Last year the insurer halted new homeowners policies being issued in the state.

State Farm General has also decided to exit the commercial apartment policy sector, affecting an additional 42,000 policies. These measures, slated to begin on July 3, 2024, for the former group and August 20, 2024, for the latter, account for a little more than 2% of the company's total policy count in California.”