Two of California's largest home insurance providers are freezing sales of their home policies, triggering calls of extortion by a local watchdog group.
, California's fourth-largest insurance provider, announced this month that it will no longer issue any new home insurance policies.
The moves are sparking statewide concerns about possible jumps in home insurance premiums, while sparking harsh criticism from Los Angeles-based Consumer Watchdog. But the insurance industry, Rosenfield said, is pushing for steep rate increases that are not justified, and Allstate and State Farm are trying to force California Insurance Commissioner Ricardo Lara to allow them.California's Department of Insurance declined ABC7's interview request, instead issuing a statement that reads:The Department of Insurance is focused on protecting consumers.
No non-renewals are taking place with either State Farm or Allstate's announcements. The factors driving State Farm's decision are beyond our control, including climate change, reinsurance costs affecting the entire insurance industry, and global inflation." Rosefield said Lara needs to step in and tell Allstate and State Farm that if they want to continue selling any other kind of insurance in the state - they need to sell homeowner policies as well.
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