Citing escalating wildfires as a major reason, California’s biggest home insurer, State Farm, recently announced it will no longer sell new homeowners insurance policies in the Golden State. So, what’s next for homeowners in California and other states where natural disasters are on the rise? We need to look no further than Florida, which has been near-uninsurable for years.
With increased hurricanes and flooding playing a large role in their choice to leave, major insurance companies had all but abandoned Florida by 2009. Since then, Floridians have seen premiums skyrocket and affordable options dwindle. By 2022, Florida had more homeowners without coverage per capita than any other state.
With big-name insurers also leaving California, a total of 60 million Americans are now finding it harder to get policies — and that number is expected to grow.
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