May 24, 2024 Breaking News, Latest News, and Videos

Report: State Farm’s California Policy Shakeup to Hit Palisades the Hardest

Customers Affected Will Receive Notifications Starting July 3 for Property Holders and August 20 for Commercial Apartment Holders

The San Francisco Chronicle has issued a report that State Farm, California’s largest home insurance provider, plans to non-renew over 1,600 policies in Pacific Palisades, making it the hardest hit neighborhood by the insurer’s shakeup. 

Last year, State Farm halted the issuance of new homeowners policies in the state and subsequently implemented an average rate increase of 20% for existing customers. The company cited the need for “long-term sustainability” in the state as the rationale behind these changes. This affects approximately 30,000 property policies and 42,000 commercial apartment policies across California

Customers affected by the non-renewals will receive notifications starting July 3 for property insurance holders and August 20 for commercial apartment insurance holders. According to a non-renewal letter filed by State Farm with the state, policies presenting significant wildfire or fire-following-earthquake hazards or located in areas of high concentration are no longer eligible for renewal.

Chronicle data further reveals that after Pacific Palisades, the Bel Air region of Los Angeles has the next-largest percentage of California homeowners set to lose their State Farm policies, at about 67%. This is followed by 65% in the Los Gatos and Santa Cruz Mountains region, 62% in Topanga Canyon, and 60% in Calabasas.
The Chronicle’s full report can be found at https://www.sfchronicle.com/california/article/zip-code-hit-hardest-state-farm-home-nonrenewal-19393629.php.

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