Orinda residents hit hard by insurance companies deciding not to renew coverage [CBS News]
Nextdoor Holdings, Inc. (KIND)
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Source: CBS News
But now California's largest home insurer announced it's not renewing roughly 30,000 policies in the state. According to the San Francisco Chronicle, Orinda is being impacted the most by State Farm. A loss of 1,700 policies is the most in any zip code statewide and more than half of State Farm policy holders in Orinda will lose their coverage. Tom Holland has lived in Orinda for 15 years. His home is tucked in the beautiful hillside where he takes daily walks with his two dogs. After paying more and more each year for homeowners insurance, he just found out his policy won't be renewed. "So I just called my broker and he said you're canceled," Tom Holland said. "That's it." He's one of many State Farm policy holders to lose their insurance. "I think it's been slowly coming at us for five years," he added. Holland said he used to pay about $3,000 a year. That has steadily increased to roughly $8,000. "Honestly, it's not a shock because it's been a known issue," he said.
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