Insurance giant lifts cap on California homeowners policies, but it comes at a cost [FOX Business Network]
ZURICH INS GROUP S/ADR (ZURVY)
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Source: FOX Business Network
Farmers Insurance eliminated the cap on the number of homeowners insurance policies it offers in California, marking a significant step for a state that has been working to stabilize and rebuild its private insurance market for years. The insurance company announced last week that it removed its previous cap of 9,500 new policies per month due to expectations that there will be an improved homeowners insurance market in the state under Commissioner Ricardo Lara's Sustainable Insurance Strategy. Farmers first implemented a cap of 7,000 new home-insurance policies per month in 2023 before raising the cap in 2024. The cap was originally implemented due to the deteriorating insurance climate in California forced other insurers to limit business. Allstate abruptly stopped selling new homeowners' insurance policies in November 2022, followed by State Farm, which stopped issuing new homeowners and many property insurance policies in 2023. Wildfire risk, home-rebuilding costs, and rein
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