News Formal

Another major insurance company limits new homeowners insurance in California | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 95%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Farmers Insurance has limited new homeowners insurance policies in California, joining other major national insurance providers.

Farmers, the second-largest provider of homeowners insurance in the state, said it placed the cap on the number of policies in California effective July 3. The company cited high costs and wildfire risks.

Farmers’ shift follows decisions by State Farm and Allstate, two of America’s largest insurers. The companies said they will no longer write new homeowners policies in the state. Both cited wildfire risk as a reason for the move and blamed limits placed on insurance premiums in states like California. Insurance companies also say rising costs for labor and building costs make replacing homes costly.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

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

Business Insurance Roiled by Climate, InflationBusiness insurance has been roiled by the same forces disrupting home insurance markets in catastrophe-prone areas of the U.S., with companies facing tougher conditions as they try to insure their properties
Source: WSJ - 🏆 98. / 63 Read more »