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CA Insurance Updates

Stay Updated about California Homeowners Insurance 

What is Happening with Insurance Companies in CA?

State Farm and Allstate are not leaving California’s insurance market and will continue to service existing policyholders. Therefore, the primary problem is for new homebuyers who need insurance when they are purchasing a property, or for existing homeowners who need to obtain a new policy.
Please reference this home page story posted on last week, which includes a link to the CA Department of Insurance (DOI) website with information for consumers.

The website has comprehensive information on homeowner’s insurance, including an insurance finder to help consumers locate insurance and information on the FAIR plan. C.A.R.’s Sacramento staff has been in touch with the Department of Insurance as well
as various insurance lobbyists/organizations to discuss the issues surrounding this decision and the status of the ongoing discussion between the Department of Insurance and the insurance industry representatives in California. They are participating in
insurance coalition meetings on this issue as well. It is fair to say the actions of these companies have lit a fire under the ongoing discussions on creating a more robust insurance market for property in California.

C.A.R.’s Q&A will continue to be expanded over the next few weeks. One issue that has been heard multiple times from members is that rates will now skyrocket. Prop 103 requires “prior approval” by California’s Department of Insurance before insurance
companies can implement property and casualty insurance rates increase.

Here is a direct link to the Prop 103 Information Sheet on the DOI website.

CA Insurance Resources & Links

San Luis Obispo Coastal Association of REALTORS®

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