Allstate has become the latest insurer to no longer issue new home or property insurance policies in California.
Those who go to Allstate’s website and enter a California ZIP code are told the company does not offer property insurance there. "The cost to insure new home customers in California is far higher than the price they would pay for policies due to wildfires, higher costs for repairing homes, and higher reinsurance premiums," Allstate said in a statement to the San Francisco Chronicle.
Last year, California Insurance Commissioner Ricardo Lara submitted new insurance pricing regulations requiring insurance companies to provide discounts to consumers and other certain protections. Among them, insurance companies face a mandatory one-year moratorium on canceling or not renewing residential insurance policies in certain areas.
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