Insurance giant State Farm says it will let some home insurance customers in California keep their coverage, but there's a catch.
Insurance giant State Farm says it will let some home insurance customers in California keep their coverage, but there's a catch. They won't cover any fire damage. Back in March, State Farm announced they would not be renewing more than 30,000 policies. It is far from the only company to do that; nearly every major insurer is no longer issuing new policies in the state. Now State Farm is forcing customers to get fire coverage elsewhere.
"We’re talking about a sliver of policies," said Susman. "This doesn’t change the crisis in California. This doesn’t change what happens to anyone else that would be willing to purchase insurance and can’t find it."Many agree. Annie Belinn has lived in her home in Orinda for more than two decades. Her coverage from farmers was dropped almost a year ago.She gets her fire coverage from California's FAIR plan and supplemental insurance from another company.
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