How price controls destroyed California’s housing insurance market

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How price controls destroyed California’s housing insurance market
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in 2023 after State Farm, a leading insurance provider in California, announced it would no longer accept new applications in the Golden State.

By prohibiting companies from adjusting rates to account for rising reinsurance costs, lawmakers impelled private insurers to flee the market. This left many homeowners with a single option: the, a last resort state-backed program designed to provide coverage for property owners unable to secure insurance through the regular private market.

If creating a portfolio made up exclusively of high-risk customers who’d already been rejected in the regular marketplace strikes you as a dangerous idea, you’re not alone. Industry leaders warned it was a disaster in the making. in July. “The FAIR Plan is probably the fastest-growing insurance company in the state.”

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