Consumer Watchdog says insurers are creating a crisis to force state officials into blessing massive rate hikes.
Farmers Insurance had covered Don Baker’s light-gray house with powder-blue trim since he and his family moved to Boulder Creek 13 years ago. A few weeks ago, he got notice his policy won’t be renewed after it expires in August.
“It’s devastating,” Reeves, 71, said. “I feel like I have to move out. I’m on Social Security. I can’t afford to be uninsured.”Even those who are still insured are feeling the pinch. Leslie and David Granger have seen their AAA premiums for their south San Jose home soar, from under $1,000 a year in 2019 to $1,867 this year. They were told it was due to “wild fire devastation throughout the state of California,” plus inflation, increased labor costs, and increased rebuilding materials costs.
The hurricane-battered Sunshine State has consistently posted the country’s highest average rates for the most common homeowner policy, at $2,165 in 2020, up 8.9% in one year and 7.5% over a decade, according to Risk Information’s January Property Insurance Report.California’s average rate for the same policy in 2020 was $1,241, up 5.4% over the previous year and 28.3% over 10 years, but still below the U.S. average rate of $1,311, the Property Insurance Report said.
State Farm, California’s largest home insurer, isn’t the first to cap policies in the state. Last fall, Allstate stopped writing new policies because “the cost to insure new home customers in California is far higher than the price they would pay for policies.” “These companies have been fighting a 35-year jihad against Prop. 103,” Rosenfield said, defending the state’s regulations as merely making insurers base their requested rate hikes on actual costs. Risk projections, he said, are based on proprietary formulas and not on reality — no one foresaw last winter’s torrential rains.Lara’s office said
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