Insurers are pulling out of California as disasters multiply
Today, according to Lending Tree, nearly one in 10 homeowners in Los Angeles County has zero home insurance. Across California, insurers are dropping homeowner policies, citing the increased risks and costs of wildfires and other disasters.
Big insurance companies — including State Farm, Allstate and Farmers Direct — are pulling out of the state entirely. State Farm alone dropped nearly 72,000 policies there.
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Explore better ratesWhat California residents can do about fire insurance
California Insurance Commissioner Ricardo Lara is cracking down on the insurance crisis by implementing a mandatory one-year moratorium on insurance cancellations or non-renewals for homeowners in affected zip codes, including the Eaton and Pallisades communities
“Losing your insurance should be the last thing on someone’s mind after surviving a devastating fire,” he said. “This law gives millions of Californians breathing room and hits the pause button on insurance non-renewals while people recover.”
In the meantime, some residents who have lost their uninsured homes to the Los Angeles wildfires are relying on the support of GoFundMe fundraisers to try to recover their losses.
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