Posted 3/13/2024, 10:19:52 PM
California Faces Insurance Affordability Crisis as Policies Cancelled, Rates Surge
- Insurance rates and policies being canceled are surging in California, leaving many unable to find affordable coverage
- Customers report being dropped after decades with the same insurer and premiums increasing 30% or more
- The FAIR fire insurance plan is increasingly being used by homeowners unable to find policies
- Experts recommend ensuring enough rebuilding cost coverage to avoid non-renewal
- Auto insurance rates are also spiking, with some companies withdrawing from CA market entirely
