Another insurance company stops offering new home policies in California [View all]
San Francisco Chronicle / January 24, 2024
Home insurance options in California will soon shrink further as another company pauses coverage in the state.
The Hartford Financial Services Group Inc. will stop offering new California homeowners policies starting in February. Included in the cut is Hartford’s joint homeowners insurance program with AARP. Those with existing policies, meeting the company’s underwriting guidelines, will continue to be renewed.
The California-specific change is due to “unique challenges that have required us to reconsider the viability of writing new homeowners’ business in the state,” according to a statement from Hartford. “Based on these challenges and our analysis of the trends, we have decided to stop offering new homeowners policies.”
A spokesperson for Hartford said the company needs the ability to price homeowners’ insurance appropriately for the risks they protect against.
LINK (paywall): https://www.sfchronicle.com/california/article/hartford-insurance-leaves-18624804.php
From the link: Hartford holds about 0.9% of California’s homeowners insurance market share. Not huge, but it I guess it all adds up.
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