A prospective legislative compromise to prohibit insurance firms from leaving the state fell through, and many homeowners are now concerned that they may be unable to get insurance for their houses.
Thousands of people in the Bay Area, and many more throughout California, are currently without insurance coverage.
Thousands of individuals in the Bay Area, and many more around California, are currently without insurance coverage
In a recently published article from NBC Bay Area, many insurance firms claim they can’t afford to continue in California because of the state’s record number of devastating wildfires. companies claimed that companies are spending too much money on claims while the state limits how much they can raise rates through rules and voter-approved safeguards such as Proposition 103.
Cindy Borges, a San Jose resident, claims that coverage is pricey and continues to rise. “We just got a bill, and it’s doubled what it was last year,” Borges says, adding that this does not include their real, separate wildfire coverage. “It’s over $5,000 a year, and we’re not sure if they’ll keep insuring us in the future,” she explained.
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As wildfires make policies more difficult to get and more expensive, a consumer advocate offers advice on homes insurance
In a recently published article from Mercury News, following the horrific wildfires that have ravaged the state in recent years, Californians are finding it increasingly difficult and expensive to insure their houses. Premiums are growing dramatically, despite Proposition 103’s mandate that the state evaluate and approve rate increases.
That’s only for the lucky homeowners. Others are receiving letters from long-term insurers that their policies will not be renewed, causing them to hustle to find new ones. In addition, big insurers such as Allstate and State Farm have ceased issuing new policies in California, leaving fewer alternatives.
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