Home Insurance Exodus Leaves California Homebuyers Scrambling
- Thousands of California homeowners will lose coverage from American National Group, which is exiting the state's home insurance market
- American National cites lack of profitability due to increased claims costs from wildfires, inflation, and competitive market conditions
- 8 other states are also losing American National home insurance coverage for similar reasons
- Major insurers like State Farm, Allstate, and Farmers have already restricted new policies in California
- The shrinking insurance options in California could prevent or delay homebuying for many prospective owners