State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, the insurance giant said this week, nine months after announcing it would not issue new home policies in the state
The Illinois-based company, California’s largest insurer, cited soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won’t renew the policies on 30,000 houses and 42,000 apartments, the Bay Area News Group reported Thursday.
All insurance types should be nationalized.
I agree, however I also agree that you should not expect to be able to build in an area that is prone to disaster. Like if I build my house on a Sandy Beach and the foundation fails because it’s on Sand I’m not going to expect that the insurance company is going to cover it. The same should be considered for areas that are prone to natural disasters like California or Florida with Hurricanes
I agree but I also think people who’ve lived there prior to this designation should be grandfathered in or compensated for uprooting and moving.
There are millions of people in the country who through little fault of their own could be totally screwed by this.
