A subsidiary of California's fourth largest home insurer, Liberty Mutual, has decided to exit the state's condo and rental insurance market beginning in 2026. Safeco, a branch of Liberty Mutual, has notified the California Department of Insurance that it will stop selling condo, rental and watercraft policies as of January 1, 2025. Beginning January 2026, nonrenewal processes will begin for these types of policies, as well as specialty vehicles, motorcycle and some auto products.
'We are simplifying and focusing our product investments, targeting core lines of business while reducing our menu of product offerings,' a spokesperson for Liberty Mutual said, as per the San Francisco Business Times.'We are committed to the California insurance market and believe our actions will provide a more sustainable path forward and fulfill our commitment to our agency partners and customers.''With this new strategy comes the difficult decision to discontinue several of our smaller lines of business and products in California over the next two years.' Safeco has around 88,000 active condo and renters policies in California, the San Francisco Business Times reported. The Department of Insurance announced that it would enforce new regulations to expand insurance coverage in California. Home insurance providers have been given the green light to use forward-looking computer catastrophe models to determine rates, instead of relying on historical losses
Nederland Laatste Nieuws, Nederland Headlines
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