06/14/2024
State Farm says some CA homeowners may keep coverage
Source: ABC7 News
Some State Farm Insurance customers in California who were bracing to lose their home insurance have instead received an unexpected message from the company: they can keep their homeowners insurance coverage after all, but the policy cannot include fire damage. The customers reportedly must sign up for fire insurance through the California FAIR Plan, according to a letter sent out by the company. The FAIR Plan is a state-created but privately run insurer of last resort. The company had previously announced in March that it would not renew some 30,000 policies largely because of fire and earthquake risk. State Farm is the largest home insurer in the state, covering about one in every five homes.