May 28, 2024

Insurance rates skyrocket statewide | KGET 17

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BAKERSFIELD, Calif. (KGET) — Insurance rates are skyrocketing across the Nation. For Californians, some insurance companies are not signing on new policies altogether.

In May, it was national news that State Farm would no longer insure Californians on their home insurance policies. 

However, they’re not the only ones leaving the state

Last year Geico Insurance closed down all of its California-based offices. They have also stopped the sales of policies over the phone.

Progressive has also pulled back on advertising in the state. 

All State insurance stopped accepting new Californian home insurance policies last year.

…and State Farm is no longer taking new policies on home insurance, either.

This has sparked a fear: what happens when other companies start doing the same thing?

If your insurance policies are due to renew and it’s more expensive, it may be time to consider your options. 

“Usually people will shop around for the best price policy when they first buy a house of first but a car or rent an apartment. The reality is prices will go up over time. They give you a really good price in order to hook you in. Then maybe those prices slowly increase. Maybe there’s a big jump and a lot of people don’t realize that they can leave at any time and potentially score a better deal with a competitor,” according to Andrea Woroch, Nationally Recognized Consumer and Money-Saving Expert.

Using insurance comparing search engines like “The Zebra” or “Policy Genius” could potentially save you hundreds of dollars every year. 

If you still can’t find a proper insurance policy for your home, the California FAIR Plan will provide basic California FAIR Plan for high risk properties as what they call a temporary safety net. 

17 news reached out to State Farm for comment on recently pulling out of home insurance rates this year, but they have not reached back as of news time. 

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