The number of people affected isn’t as great as State Farm, Farmers and other major insurers leaving California’s home insurer market. However, last week four more small insurers said they are leaving California and it drives home a point.
Though the California Department of Insurance and California Insurance Commissioner Ricardo Lara are trying to find solutions, are they moving fast enough, and with the right tools, to fix the homeowners insurance crisis in California?
The four insurers are Merastar Insurance Company, Unitrin Auto and Home Insurance Company, Unitrin Direct Property and Casualty Company and Kemper Independent Insurance Company. They’re all owned by Kemper and, in total, about 35,000 homeowners will be impacted.
Notice is being given to policyholders with policies set to expire in 2024. They’ll be completely out of the market by February of 2025.
Source link: PropertyCasualty360.com — https://bit.ly/473AlN6