Thousands of California homeowners will have to search for new home insurance.
Tokio Marine America and Trans Pacific announced they’re pulling homeowner and personal umbrella insurance policy options. The two companies insure about 13,000 homes and 3,000 personal policyholders.
The decision comes one month after State Farm announced that the agency wouldn’t renew 72,000 home insurance policies due to rising costs and increased wildfire risks. Farmers Direct also said that it’s choosing to leave California.
State Farm also raised home insurance policies for existing policyholders by 20% in January.
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