“I don’t want to lose the equity in my home, I don't want to borrow against it, I've worked too hard,' she said. Rabell said she and her HOA have no choice but to keep looking. This is an example of how a lot of families and communities are struggling to find affordable coverage, thanks to wildfire risks. Rabell's HOA was not a State Farm customer. They finally found a policy, but the cost went from about $50,000 to more than 500,000 a year, passed on down to the homeowners. Her HOA was unable to renew its property insurance. Sharon Rabell of Santee reached out to NBC 7 Responds desperate for answers. Also don’t forget to shop around for the best policy for you and your home, even if it means raising your deductible. The state also mandates companies to offer discounts for fire mitigation efforts by their policyholders.īoth CDI and home insurance industry groups encourage homeowners to look at these incentives not only for the discounts but as a way to bring down overall home, property and casualty insurance costs throughout the state. The department says that current State Farm policy owners and renewals are not impacted, and adds that more than 115 insurance companies currently offer California homeowners’ insurance.

“While insurance companies prioritize their short-term financial goals, the long-term goal of the department of insurance is protecting customers.”

In a statement to NBC 7 Responds the California Department of Insurance responded to State Farm’s announcement saying in part: “So as a result, insurers may be experiencing significant rate inadequacy, which the California Department of Insurance is now working with insurers to try to address those issues,' Collins said. Collins says on top of that are state regulations that limit rates to what the California Department of Insurance approves, a process that could take more than a year. Including in the reinsurance market, she says, which is insurance for insurance companies.

“It may not necessarily come as a surprise in just the sense that insurance companies are having a very difficult time just navigating what is a very turbulent marketplace,' Collins said. How to save money on computer printer inkĬollins said the increase in wildfires has made it difficult, if not impossible, for companies to cover the risk.

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