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More insurance companies leaving California

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Two additional insurance companies are pulling out of California, leaving thousands more without coverage as wildfire season nears.

The list of insurance companies leaving California continues to grow. The two latest companies - Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. - filed notices to California's Department of Insurance saying they would stop offering homeowners insurance and umbrella policies in the Golden State, FOX Business reports. Non-renewal notices to more than 12,500 customers affected will start being mailed out in July.

This affects about 30,000 homeowner, rental and other property insurance policies beginning July 3 and approximately 42,000 commercial apartment policies starting Aug. 20. Allstate announced in November 2022 that it would "pause new homeowners, condo and commercial insurance policies in California to protect current customers," the Associated Press reported in June.

 

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California sees two more property insurers exit from marketThe two companies disclosed their plans in filings submitted to the California Department of Insurance. They said the decision will affect 12,556 policies with premiums of $11.3 million.
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