California Senate Republicans are calling on state regulators to tackle the escalating crisis within the homeowners’ insurance market.
In a letter penned to Insurance Commissioner Ricardo Lara, Senate Minority Leader Brian W. Jones (R-San Diego) expressed the need for intervention, citing how multiple carriers have already withdrawn from the state.
Over the past year, Allstate, State Farm, and Farmers have all chosen to withdraw from offering new policies to California homeowners. Smaller companies have also followed suit, with two businesses serving some 50,000 policyholders planning to exit the market within the coming months.
