State Farm decision to stop issuing homeowners insurance in California may drive up premiums

and said customers who already have policies won't see those canceled. However, homeowners say the trend is unsettling.

"It's more difficult than it has been in the past, that's for sure," said Mike Morgan, a second-generation insurance broker at Gene Morgan Insurance Agency. Gene was his father and founded the business in Livermore for more than 70 years. Morgan says it's now harder to get policies in places like Orinda and Lafayette, parts of Walnut Creek, Concord and Martinez, and even areas of Pleasanton and Livermore.In some cases, Morgan has seen annual homeowners insurance rates go up by as much as 400% to 800%, a problem that could get worse as State Farm leaves California because less competition means even higher rates.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

State Farm Is Done Insuring Homes for New Customers in CaliforniaThe decision has massive implications in the insurance industry, which has been bled dry by destructive wildfires and exorbitant construction costs in the Golden State.
Source: thedailybeast - 🏆 307. / 63 Read more »

State Farm not insuring new homes and businesses in CaliforniaState Farm General Insurance Company is no longer accepting new applications for homeowners insurance policies in California, citing rising construction costs and growing risk of catastrophic wildfires.
Source: KTVU - 🏆 465. / 53 Read more »

State Farm cuts new home insurance in California, citing wildfire riskInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »